That being said, Truckee is AWESOME and always in demand for Bay Area and Sacramento visitors. 

Thanks for your input, I will play with those figures.

How do you see your time as a PM for a GC playing out in investing-do you want to fix and flip, buy and hold, locally or at a distance?

That is the area with really good school in walk distance and rental there in high demand.

I think you are playing it smart! 

Now, I’m paying myself in the lower 5 figure range after product cost, marketing, employees, and reserves.Do I double down and open a new business in the same market, or play it safe and start investing the cash on hand?

If your property is in high demand and is usually 90% booked or more every single month then this may be an option.

I am also playing around with Stessa!  

Question 2: How does deprecation recapture play into this?

If you can balance the risk (area wise) and the rental demand (high property value) you may have yourself a great investment.