But for the best local advice, make local connections in the market with Host groups and Rental Associations.

But to date, I've just set my rents at a rate that accounts for me having to pay the water bill - and informed the residents that each year I'll increase the rent based upon my expenses (including water), so keeping the bill down helps me to help them.But one problem this could cause is if increasing the rent to cover the water bill then places your rent above the market rate.

My main job is running my investment holding company, so I'm familiar with public and private market investments but new to RE. 

They need a well-designed workspace, ultra-fast Wi-Fi, and long-stay conveniences like a washer/dryer and a fully equipped kitchen.Why This Matters for Your ROI:When your STR feels tailor-made for a specific type of guest, it stands out in a crowded market—leading to higher occupancy, better reviews, and repeat bookings. 

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

The LP got it from a friend who is in some kind of real estate mentoring program.

Agent and leasing experience can help with negotiation skills, market knowledge, and tenant screening.

If you get greedy and put #3 in front of #1 or #2 you can get burned like any other market. 

I tend to be partial to REIA events, which have chapters in most larger cities/markets.

Just remember the property must be owned by the IRA, and you can’t personally manage or use it—all income/expenses need to stay within the IRA.2.First-Time Homebuyer Program:  This is what @Arthur Flores was mentioning.