The trick….If the owner performs that commercial refi……..

The correct way to measure the overall performance of the investment would be through a Cumulative Return or Compounded Annual Growth Rate (CAGR).

It is also the top tourist destination in the US, and it is a year-round market with fairly consistent performance year after year.

Mold inspection was never performed, as there was no concern about mold.

., CoStar, Yardi) - these cost 10-20k a year and again this is not in scope or access of LPs.Verify past performance metrics (walk past assets and secret shop their staff at assets) rather than relying solely on marketing materials.Visit comparable properties physically to validate rent assumptions.

Plus it better ties investment performance throughout the organization from property porter up to CEO.To your point, there are some vertically integrated operators that charge above market fees for their internal operations.  

The owner I know uses a local handyman service they've built a relationship with to handle one-off issues that come up and perform regular maintenance, and it sounds like you've already got cleaning locked down. 

@Michael LudwigThese are both screening rules of thumb for performing analysis. 

@Jason Guenthersomething that has gotten overlooked / suppressed / swept aside recently is this: unless you are executing some high risk, niche strategy - a top performing STR, an insane sub to - there is no cash flow in traditional, vanilla long term rentals in the first few years. 

People assumed California would be the worst-performing state because the baseline level of affordability was so low.