Hi @Jakob Mikhitarian, On a price per unit basis that does feel aligned with what we are seeing in supply constrained markets where smaller multifamily rarely trades.

One thing I noticed this year is how often deals get delayed not because of numbers, but because funding wasn’t aligned early.For those actively investing, when do you typically start thinking about financing—before or after going under contract?

With $1.2M+ in properties and significant rehab, the depreciation benefit could be substantial - but so is the audit exposure if you get it wrong.The issue isn't that you'll be "no where as thorough" - it's that the IRS prefers engineering-based studies with detailed component breakdowns.

Solve for control and alignment locally, and the competitiveness gap narrows fast. 

Much easier on new construction than an existing building as long as you have good receipts along the way for building components.

After establishing a service company in 2014 and acquiring a commercial headquarters, financial discipline has been a key focus.Investment Focus & StrategyThe current focus is on transitioning fully into real estate, seeking assets that align with the following criteria:Target: Value-Add opportunities where a background in construction and structural knowledge can contribute to property improvement and appreciation.Goal: Income-producing properties with a focus on sustainable cash flow.Approach: Interested in projects that may require addressing physical property needs, leveraging practical trade experience.Building ConnectionsBringing a blend of practical knowledge and business experience to the table.

Ideally <2yearsConstraints & AssumptionsGeographic constraint:South Bay HCOL pricing limits feasibility of local house hacking or multifamily purchases.Experience constraint:First investment property.Common advice suggests avoiding out-of-state (OOS) investing initially.Cashflow constraint:Current w2 works now but children wont become cheaperTime constraint:Part-time involvement only (10–15 hrs/week)Problem StatementGiven:High local acquisition costsWarnings against OOS investing for a first deal,A near-term need for cash flowWhat investment strategy best satisfies the 2-year cash-flow goal while aligning with the 15-year independence goal?

You have to be willing to do more, and to bear that out below is how my home performed last month in the Disney market, the most oversatured market in the country, and one that I often people recommend entering only if their goals are very specifically aligned with what it offers (IE not gross returns).We had our best December ever this year, with all 31 nights booked for $17.5k in total revenue.

Here's the breakdown of my basic observations after ~2 weeks on each solution: Guesty Lite: - $39/listing/month (unclear if this includes standard 1% commission)- Superior iOS app (faster, locally cached, better organized)- Cleaner guest portal- Targeted to smaller portfolios (1-3) vs Pro (4+) - Clean HUD/dashboard for checkins/reservations- Excellent message automation that links automations in a templated flowchart design (best I've seen)- Awful analytics, similar to GfH (upsell to Guesty Pro)- Dynamic pricing, damage protection, lock management, liability, and outsourced communications (unique) all relatively expensive (aligning to Guesty's overall penchant for chasing ever-expanding upsells)Hospitable:- More third party integrations- Comprehensive analytics- Customizable dashboards are nice - Useful in-app/site help tours- iOS app is effectively a responsible website (slow, uncached, voids iOS design rules)- Messaging rule management can feel cluttered (dozen-plus rules to start?)

They win because sleeping capacity, bathroom access, and flow are aligned with how bookings really happen.Bedroom count relative to square footage is probably the most misunderstood lever.