Run comps, estimate rehab costs, and practice deal screening so you understand what makes a flip actually profitable.

It’s one of the most practical ways to build experience, equity, and cash flow at the same time.From here, focus on becoming a pro at analyzing deals in your local market.

I used to be practicing cpa but am now a builder.  

You’re definitely doing the right thing by learning first before diving in.A couple of books I’d recommend are “Short-Term Rental, Long-Term Wealth” by Avery Carl , really helpful for understanding how to choose and run your first STR and “Optimize YOUR BnB” by Daniel Rusteen, which has tons of practical tips for setting up and improving your listing.If I could share one piece of advice, it would be to really dig into the local regulations and guest demand in your area early on.

However, practically in can be a little more nuanced than that. 

Appreciate your thoughtful and practical responses.

While you continue to learn, start practicing by analyzing ARVs, rents, and market trends, and get familiar with the different Memphis neighborhoods so you fully understand what you’re buying when the time comes.

Period.A Practical Example in Your MarketHere’s a real-world example using 347 S Grant Ave, listed at $379,000.Let’s assume: You buy it at list price Seller covers closing costs You buy the interest rate down to 6.25% via concessions FHA loan with 3.5% downEstimated monthly payment: Principal & interest: $2,251.89 Taxes: $2,870/year → $239.17/mo Insurance: Approx. $1,500/year → $125/moTotal estimated payment: ≈ $2,696.06/moNow let’s look at the units: Main House: 3 bed / 2 bath Basement Apartment: 1 bed / 1 bath (this would be your unit) Back House: 2 bed / 1 bathBased on Rentometer averages: 3/2 unit: ~$1,495/mo 2/1 unit: ~$1,170/moCombined rents: $2,665/moNow do the math:$2,696.06 total payment – $2,665 rent = $31.06/monthSo you’d be living in the 1/1 for roughly $30 a month.

Also open to discussing flexible terms and best practices for staying legit and above-board while still making the unit work for short- or mid-term occupancy.Appreciate any insights from those who’ve been through this maze.

My goal is to build long-term wealth and eventually reach around $9,000/month in profit through real estate.Originally, I was really interested in multifamily investing and house hacking as a starting strategy, but with a family of four, I’m realizing that house hacking might not be the most practical option for us right now.