STR property managers will charge from 15-25% of revenue (gross not net).

You will not get taxed until you start earning revenue. 

@Titus Hill, happy to help you run some reports (revenue,occupancy) to help you figure out which communities and home types you would like to target.

You also spread your vacancy risk out a little - if one of three units is empty for a month that’s a 33% loss of revenue as opposed to one of 10 which would only be a 10% reduction.Another thought for you if you have the cash saved up to buy multiple houses with cash - have you considered investing passively in a syndication?

Hire a company to do it for you - This will usually run you 20-30% of topline revenue (which is crazy in my opinion) and the quality of their customer service is rarely worth paying for. 

What's your expected revenue left over now?

Breaking down one dollar of rent:COSTBREAKDOWNEXAMPLES OF WHAT IT COVERS38 centsPays for the mortgageAvoids foreclosure of the property16 centsOperating expensesProperty and liability insurance, utilities and ongoing maintenance14 centsProperty taxesSupports the community through financing for schools, teachers, emergency service and other important local needs12 centsCapital expendituresSuch as the roof and HVAC replacement and other important repairs that help ensure quality housing10 centsPayroll expensesIncludes pay for employees who operate and maintain the community10 centsReturned to ownerIncludes the many apartment owners who are themselves small businesses and rely on this revenue to make ends meet, and investors, which include public pensions and 401ks, on which many Americans rely onRising Property Taxes

I usually have about 70-80 units total so I have enough revenue to hire an in-house manager.

AirBnB mentioned on their earnings call that they expect to see a drop in Q3 revenue due to the Delta variant. 

Purchase Price: $550,000Rehab/Furniture cost: $24,000Expected Revenue: $80-110,000 / yearWe're excited because it is in an up-and-coming area, and has great cash flow potential given it's proximity to the Ocean, Downtown and Airport.