Heck it's so good I could manage a loss for a few months but I really think the cash on cash return will be 10% + first year and 20%+ 2nd year. 

I also have not had (Knock on wood) too much time spent on managing the properties and keeping them rented to long term tenants.

If you are managing this yourself, you are off to a great start.

@Michael Baum how many Short-term rentals do you manage this way where you are on call all the time?

I served as the buyer's agent and property manager for my clients under Blue Chariot Realty & Management.

We play matchmaker, put our clients first in all arenas, and also manage.

Good luck  Total Rents Collected: $23,025/mo Debt Service: $12,358/mo (sad for me. 8% interest rates lol) Property Management 10%: $2,303/moReserves (Vacancy 5%, Maintenance 10%): $3,454/moPhantom Cash Flow: $8,365/moTrue Cash Flow: $4,911/mo (Money I can legit burn)  bob as you probably know I owned a few hundred of these types of homes from DetroitCleveland to Jackson ms  Birmingham balt city etc etc.  

Next question.... will you self-manage it, or turn it over to a professional management company, or some type of hybrid? 

I have 1000 sqft so $250k.if I have no GC and manage all the subcontractors I will not have a Rolodex so have to find subcontractors and I’m sure there are a million other complexities.

We got out of condo conversions couldn't really sell any of them and transitioned to ground up development of single family homes and three story walkup triplexes on a build to rent model which is much easier for us to manage and our exit isn't a sale it's just a refinance.