Experiences with large, high-end STRs

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Hello BiggerPockets,

Just finished a substantial remodel on a SFR we bought on the Nevada side of Lake Tahoe two years ago. Estate sale with 1990-ish interior. I acted as my own general contractor (with a few subs), relocated the stairs to create open living area, replaced the kitchen, got rid of all the honey-oak trim and doors, and converted part of the huge 55-foot deep garage into two more bedrooms + additional full bath. Now 7 br / 5.5 ba / 3850 sqft with a nice view of the lake.

This was intended as our primary residence and we lived in it during the remodel.

But... now we are looking at the income potential and reconsidering. We're in the only STR-friendly jurisdiction in the Tahoe area, and demand still seems to be huge from San Francisco Bay Area folks who come up to ski in the winter and spend time at the lake in the summer. Comps this size rent for $3500+/night during peak times and gross $300K / year based on what I see on AirDNA.

This also appeals to me as an experiment in moving to a 2nd career rehabbing and managing properties.  This was not my first time GC'ing my own major remodel and I really enjoy it.  More so than my current career sitting behind a screen all day.

That said, I don't see much discussion here or elsewhere about the ins and outs of STRs this size.  Would love to hear thoughts from experienced folks.

[Luke Carl]

Most people that can afford a 4000sf house in Taho are probably not hanging out on forums talking about career changes. You’re ballin’ man!  

All kidding aside I have a few large “luxury” homes. It’s no big deal. Is it easy? No. But I’d the money is the same it’s easier to have one big one than 6 smalls ones.