@Jerry Zigounakis For your STR in Big Bear, forming a CA LLC is ideal for liability protection, even with the $800 annual franchise tax and possible gross receipts fees.

Our current mortgage terms include a late fee after 5 days, so they’re already paying extra each month and have to split the total monthly payment up between 2-3 payments when they get their pay check.

Cash OfferARV $180,000 - $55,000(Rehab) - $14,400 (8% fees, CC, HC) - $40,000 (profit) = $70,600 MAONovationARV 180,000 x .95 =171,000 (EST.

Then you get 100% minus cleaning fees and maintenance. 

Why ask: Get clarity on the full cost of the program, any additional fees, and what’s included.

We successfully set up the co-hosting on Airbnb where I receive the agreed upon 18% + the cleaning fee.

Can the landlord also collect attorney fees from the defaulting tenant?

I'm currently abroad, and look for someone who can, for a fee, perfom all due dilifgence for me - call the city building departments, find out about any restrictions.

Realistically, to make the business work, they are hoping all the people who are using the "free services" to eventually go into banking where they can collect fees for anything bank related.

I'll add a few more things that can have a huge financial impact: required reserves, LTC (loan to cost), application or other upfront fees, and prepayment penalties.As a fellow flipper, I think it's important to have reserves, but they shouldn't be required as part of your funding.