The key is to standardize property quality and management systems, which would appeal to buyers seeking scale.If you’re thinking long-term, holding these properties for cash flow while leveraging local appreciation is also a strong play.

Hey Jamie, I am actually a property manager located in Jacksonville, FL and work with several investors in the area.

- If so, 1031 into something bigger and easier to manage and then when you pass, the inheritor receives your property(s) at a stepped up basis - subject to Inheritance Tax limits.Otherwise, sell one every 1-5 years when you need the cash, so you can plan expenses to offset capital gains.

This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.For your first investment, I suggest starting with 2-4 unit properties.

Make sure every investment is solid and that you know how to manage them well.

I personally believe that a better way to jump into mid term rentals is to take a course on buidling a property management company or cohosting business where you bring your skillset to the table without the intial investment into all the furniture and leases.

Here's a good folder setup.Bank StatementsCredit Card StatementsProperty Management StatementsMortgage StatementsSTR Platform StatementsInvoicesReceiptsClosing Documents (Purchase/Refi/Sale)LeasesCheck & Deposit ImagesVendor ContractsW-9’s & 1099’s

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

* What is your average rent amount for all properties managed?

Anyone out there on W2 , owning a STR that is taking the benefit of its managment qualifying you to take real estate losses against your W2?