Mindset for Airbnb purchase

[Andy Acosta]

Hey BP,

I have a question in regards to what approach I should take when investing in property intended for short term rentals/Airbnb.

So with the nature of short term rentals, being more like a hotel rather than rental, there are a lot more up front costs, (such as furniture, amenities, cleaning supplies, bathroom/kitchen supplies, etc) that can really drive up your initial cash needed to fund outside of acquiring the property, but a lot of times it is worth it considering how much more cashflow you can make.

Since I’m putting a lot into the deal upfront for all the things listed, should I be looking for more turn-key appreciation properties with not a lot or any rehab needed, or should I still shoot for properties that need cosmetic repairs in order to find a better deal?

If there are any Airbnb investors who are familiar with the game, does the higher cashflow and ROI justify not finding "as good" of a deal than a 80% ARV deal.

Trying to fix my mindset and expectations at a realistic level before diving fully in. Thanks!