The plan is intentionally conservative, but I want to pressure-test the financing and execution before locking anything in.It’s a 31×110 lot (3,410 sq ft) The current concept is a two-story front duplex (two 2bd/2ba units ~1,150 sq ft each) with a rear 1bd/1ba ADU (~600 sq ft).

Two of the most commonly used tests are:100 hours and more than anyone else500 hours (time spent by anyone else doesn't matter)You can see the issue that may arise if you go with the first test.

They already understand tenant-in-place deals, realistic returns, and the operational side, so there’s far less friction.A few things that have helped:• Create a private investor list/program specifically for off-market or “tenant in place” opportunities• Put together a very detailed pro forma using real management data rental history expenses turnover assumptions maintenance trends etc• Set expectations upfront that showings are limited and typically only after an accepted or near-accepted offer due to tenant logistics• Offer portfolio or management incentives for buyers who take on multiple properties or keep management in place• Cross-market directly to owners already under management before going publicThe right investor values the existing cash flow and stability and understands the constraints that come with occupied properties.

I’m curious, have you ever explored co-investing opportunities like those in the CJ Investing Club, where multiple investors pool capital to access larger deals?

At least this is what my underwriting has told me, I've yet to find anything retail that even comes close, most loopnet deals I look at come in at like 0.50 DSCR after stress-testing 

I have seen people do multiple brrr properties and have a glorified painting contractor be the gc. 

Good in theory, but we never really got to test because we ended up placing a mutual friend (employed at the hospital nonetheless but not a med student) in the home, who lived there over the last 4 years with different roommates.

I use QuickBooks Online (QBO) to manage income and expenses for real estate investors, including landlords with multiple properties.

I also have multiple exit plans in any real estate investment and in this case have 3 or 4 - Keep it as a STR, Move into the property for part of the year and STR for the season, Resell and pay the tax on the gain, sell and take-back a mortgage for a well-heeled buyer or 1031 Exchange to a better property type. 

Most cost seg firms will give you a free estimate if you share basic property details - no commitment needed.For residential STR properties in the $500k-$1M range, check out room42.io - they're built for this exact use case and the cost is low enough that you can run studies on multiple properties to dial in your estimates without breaking the bank.