Gaining experience using someone else's property

[Joe Rivera]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $210,000

My business partner purchased this property and asked me to handle the remodel and the management of tenants. We are considering taking this 2 bed 1 outdated bath house with a detached 1 car garage. Remodeling it to be a 2 bed 1 1/2 bath house, detached garage that is converted into an office/workout area with a half bath in it. We are going to use the house as a short-term and mid-term rental.

[Jeremy H.]

If you're going to add a half bath you'd might as well add a full bath - 1 baths are a killer to rent where I'm at

What's the rent going to be like?

This is just me personally - sounds like the STR or mid term route you can self manage. I will say this though - I think it's difficult (especially starting out) to scale and self manage. On top of the regular paperwork and time consumption there is a lot of legal stuff you have to know. Evictions? Not fun stuff and very time consuming. Do you have a full-time job?

That is one thing I cannot stand about the short term shop and STRs as a whole - the self management. I have a full time job...I'm not looking for another one. I'm in the investing business, not the management business, so I leave that to the pros. Maybe see how they do it first, then copy them if you choose to go that route?