I suspect the STR issue is that booking lead times are shrinking. 

If you buy at 400k with the downpayment, closing costs, carrying costs.....say goodbye to the 100k and then if you get stuck and have to reduce, your profit will shrink up quick.

But that's a shrinking group who largely commute in from Reno now because it's gotten too expensive to live up at the lake. 

That’s a heavy but really important question—and honestly, a lot of people in real estate are starting to think about this too.With AI and automation ramping up, there’s a real possibility that large chunks of the workforce—especially in admin, retail, and transportation—could be pushed out or see their wages shrink.

Even though that number shrinks over time, it’s still a lot of out of pocket expense to carry unless you have strong reserves and job stability.

While this offers discretion, it also shrinks market exposure.Zillow’s decision not to publish these private listings could further shift the investment search landscape.

Add in deductions for mortgage interest, property taxes, insurance, repairs, and management fees, and your taxable income can shrink fast.

But, as you can see in the syndicator review thread, if your primary goal was the grow portfolio size in 2021, there is a good chance your bank account is shrinking quickly in 2025.Now, directly to your points:Portfolios require capital to grow.  

If you want to do a purchase of a 5 unit building that has an empty lot attached with a broken down home on it and you wanna subdivide the lots and build on one and rehab the other, then the options shrink dramatically. 

This eliminates the PM, and hopefully a lot of the cap ex, but you will shrink your cash flow and appreciation potential. 4.