Also, make sure you thoroughly research rental demand and average rents in the specific area of Miami you’re considering.

I am just starting out with a STR and found that VRBO is not very specific if they are collecting the tax and paying it to the State as a marketplace facilitator or am I responsible for this tax collection and payment ?

You need to provide a bit more specifics about the property, about the insights you want, etc.  

A lot of the success stories and content we’ve seen in the past came from a very different rate environment, so I’m definitely factoring that into my approach.For now, I’m planning to focus on the Jackson County/MO area, specifically around Lee’s Summit where I have some local support from family.

If you have specific questions about property management, I'll be happy to help!

@Aishan Gonaduwage what specifically have you read, and how OLD was it, about Detroit being on the decline?

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

This sort of thing is market specific.

@Tom OchiengI would reach out to a real estate attorney for specific advice on this situation since you already have one tenant who is being difficult.On a side note, when I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs.

Proportional leverage (like 27% LTV) isn’t specifically required, but if you don’t reinvest the full amount or fail to replace debt, the difference will be taxed as boot.