The highest performing short-term rentals have a design eye, their photographs weren't shot by an amateur's iPhone, and they offer more than one extra that others aren't (hot tub, sauna, views...).Create a differntiated Airbnb, and you'll outperform others ... be that first page or second or third.

Keep in mind any premises liability, landlord tenant, contractual dispute with a vendor that performs services in CA will be  resolved in CA if that's where the real estate is owned and operated. 

Persistence and patience.Let's dissect this for a second.Lists work SO poorly that, in order to get a deal, you need to send THOUSANDS of mailers to COMPENSATE for the poor performance to get results.So you do, and you get a result.

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.

@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. 

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.