The key is balancing cost with the value of your time—both approaches can work, depending on your priorities.

Key risks include vacancy timeline, tenant profile, buildout costs, market trends, interest rate, financing, and repositioning.

Should have done cash-for-keys with the occupant.

After reviewing the latest ordinances, reports, and city guidelines, here’s a summary of my findings as of 11/18/2024:Key FindingsPermit Types and Fees:Type 1 (Owner-Occupied): $300 for 3 years.Type 2 (Non-Owner-Occupied): $450 for 3 years.Density caps apply to Type 2 permits (12.5% of block face).Enforcement:3 violations in 3 years lead to permit revocation.Fines up to $500/day for violations.Hotel Occupancy Tax (HOT):City: 9%, County: 1.75%, State: 6%.Platforms like Airbnb and VRBO will remit directly to the city starting Feb 2025.Platform Obligations:STRs must have valid permits; unpermitted properties will be removed by platforms like Airbnb.Special Exceptions for Density Limits:Require approval by the Board of Adjustment (BOA).Zip Code BreakdownI focused on these 11 zip codes:Under San Antonio Rules:78205, 78204, 78215, 78210, 78212, 78245, 78258Independent Municipalities (Separate Rules):Alamo Heights (78209)Leon Valley (78238)Helotes (78023)Next Steps:Research density caps and zoning in specific zip codes.Dive into independent municipality rules for Alamo Heights, Leon Valley, and Helotes.Evaluate market maturity and income potential using tools like AirDNA.If anyone has experience operating STRs in San Antonio or these specific zip codes, I’d love to hear your insights, especially about density limits, enforcement trends, or community sentiment.Thanks in advance!

Proper structuring with professional guidance is key to achieving both parties' goals.This post does not create a CPA-Client relationship.

It only takes one rogue employee to run off with private keys.

Getting a turn-key investment property is the best strategy just starting out. 

Thats going to play a big role in your options i thinkEverything Is fully rented and turn key with about a 1.5-1.7 DSCR.

Partnering with a strong team—such as a knowledgeable realtor, property manager, and reliable contractors—will also be key to your success.

The key is upgrading your life, your property, your cash flow, your wealth.