If it's not satisfactory (or even questionable), a Phase II is in order - in fact, your lender will most likely require it.Assuming that all the environmental pieces are good to go, you then need to evaluate the business itself. 

What's your best piece of advice or tip when starting out managing a STR?

Most people outside the profession don’t understand the time and capital it takes to make a project come to fruition.Before a single piece of equipment touches the ground, there are years of government meetings, environmental and site assessments, engineering studies, etc.Each step requires significant time, effort, and capital investment.But when done right, it creates a ton of value and transforms communities, which is why I love it.

What would be the best piece of advice you could give me? 

Both Ohio and California are going to get their piece.

I usually receive a large bonus from work in late June so July 2025 is my target date to buy my first piece of property, although I realize opportunities may arise before then. 

GENERALLY speaking, I find that people are either good at real estate investing, or they're good at self promotion, but rarely are they good at both. 

In many cases the forum inquiries or forum promotions are for construction or as many would call “fix & flip” loans.

This is the most complicated piece because you are essentially the mortgage originator (which might run into licensing concerns depending on how many times you do this and your state), and you need to make sure the person who is buying is a good borrower.3) close with a title company or lawyer (state dependent) who knows how to deal with this type of transaction4) set up an account with a servicer to collect the money from the borrower (not required, but highly recommended from note buyers)5) collect payments

You'll likely have questions about local recommendations and events, which can be great opportunities to partner with nearby businesses.These partnerships can enhance promotions, generate referrals, and ultimately add value for your guests.