Out of state BRRR and franchises are a different beast.

But if you want someone to partner with you, that's a whole other beast in terms of what you're bringing to the table and what they're bringing to the table.

Hey BP family,Figured it was time I shared a bit of my journey—not just as a real estate investor, but as a veteran trying to make sense of the civilian world, wealth-building, and the strange beast that is real estate.I did 12 years in the Army.

That software is an absolute BEAST...has every conceivable feature (and some most of us have never  conceived of) AND live human being support to help with the steep learning curve. 

, you’ll be limited to traditional comps, which may not reflect the value of your upgrades.Permitted additions help — unpermitted rooms might not be counted at all.The more the home looks/feels like an “investment property” or boarding house, the more pushback you might get from a conventional lender.Even if the property cash flows like a beast, a standard cash-out refi will still lean heavily on what nearby homes have sold for — not on your income potential.Loan Type MattersHere’s how you can still pull equity smartly:Traditional Cash-Out Refinance:Lower interest rates, best terms.Requires the property to still “look and feel” like a typical single-family residence.May not value additional bedrooms beyond 4–5, especially if they're not in line with the neighborhood.DSCR (Debt-Service Coverage Ratio) Loan:Bases qualification on rental income, not your W-2 or tax returns.Works well for co-living setups where you're renting by the room.Less reliant on traditional comps, though the LTV caps may be lower.Portfolio or Bank Statement Loans:More flexible with layout changes and unconventional income models.Great if you’re building a co-living brand or operating as a business.Strategy TipStart thinking now about how you’ll document the income and whether your upgrades will be permitted and conforming to zoning.

STRs are a whole different beast, like you said, great upside but more active and regulation-heavy.

You're right  it’s definitely a different beast from single-family, especially when it comes to valuation and deal structure.For learning, check out "The Multifamily Millionaire" books by Brandon Turner, and the "Jake & Gino" podcast is also solid.

You’re absolutely right—2010 was a whole different beast when it came to distressed inventory.

As far as getting into the business as a agent, pm, contractor, etc that's a whole different beast.

Oregon is definitely a unique beast, and being a landlord in Portland has been challenging enough—so I truly appreciate your insights, especially as they relate to this market.