This home has been highly operational with high rates of occupancy, bringing in anywhere from $500-$1500 a month in overage beyond our monthly expenses.

It costs money to own and operate real estate which is why you need a primary source of income. 

Self-storage has cooled a bit in the past few years (after an insane boom the years prior), but there are opportunities if you can dig them out and are willing to do the operational legwork.

What would one of you suggest for a medium term operator whose tenants may be over using a specific utility like gas or electric.

Only the above average STR operators are doing well.

Is that an imputed cap rate that you use as a rule of thumb based on your expected operating expense margin?

It seems like there's a lot of opportunity right now in that SEPA and South Jersey area (I'm on Long Island but have worked with folks who operate down there), and you're setting yourself up with smart partners, so you're ahead of the pack here already.I do have a good relationship with a strong commercial brokerage firm in that area, let me know if that would be a useful connection for you.

I’m in Ohio, so I can purchase a property with $40k cash out, invest $10k in repairs, and rent for a couple hundred above the monthly operating costs.

I asked Pace Morby and Jamil Damji this question and legally, yes you have to operate as a foreign entity in every state you're doing business in.

Hi @Rosendo Romero, my family and I own investment properties in palm beach county and we also own and operate a property management company.