My wife and I exploring the option of an investment in an STR. Have listened to some podcasts / videos and have started exploring some markets. We are exploring markets that we know and have been to: Orlando, Deep Creek Maryland, VA Beach.
1) How difficult is it to self manage from a far? It seems like a lot of things can be done via apps/technology and if you use a management company you will not be profitable. If I can find a handyman / cleaning service is there anything else major that I need to consider besidings handing bookings/communications/locks?
2) Some of the markets I am looking at are dominated by 1 - 2 large management companies / realtors (e.g., deep creek maryland). Seems like a deterrent to jump in and self manage. Am I missing something here?
3) How tough are seasonal markets? I've ran the numbers using a few spreadsheets on here and it seems like some of the northern seasonal markets are incredibly tight to make your money - if you don't get full vacancy between memorial day / labor day then forget it. It seems like less risky option to invest in florida markets.
4) Any other tips / guides for STR vacation market?
