Although my cost of capital was cheap (2.5% 30yr fixed), the increased STR supply resulted in a more hands-on approach by me (better marketing, improving the quality of my check-in hose, services, etc) and this wasn't turning out to be as 'passive' as I would have liked (I've been managing my own LTRs for close to a decade, so perhaps I'm spoiled).

Ensure that your platform profiles have high-quality pictures, compelling bios, lead magnets (e.g., free guides, eBooks), and clear calls to action.

The other air quality issues are mold, lead paint and rodent feces.

Here’s the situation:Key Project Details:•Property Size (pre-renovation): 250 sq. meters (2500 sq. feet)•Purchase Price: 250,000 EUR (1,000 EUR/sq. meter)•Renovation Costs: 750 EUR/sq. meter (includes kitchen, appliances, quality furnishings)• Loan costs (during renovation and renting): 350 sq. meters (due to attic expansion)•Property Size (post-renovation): 350 sq. meters (due to attic expansion)•Post-Renovation Layout: 2 separate apartments•Airbnb Income (24 months): 2,500 EUR/month/apartment (= 5,000 EUR/month)• Other running costs: 600 EUR/month•Projected Sale Price (after 2-3 years): 850,000 EUR (approx. 2,500 EUR/sq. meter)•Closing Costs: Negligible in Tbilisi•Real Estate Agent’s Fee: Typically 3%, but negotiable based on who hires themFinancing Setup:•Property Purchase Financing: 100% bank financing at 5.9% interest (bank has even financed 150% to cover some renovation costs in the past)•Renovation Financing: Our friend is offering to finance 250,000 EUR in cash for the renovationsProposed Partnership Structure:•Work Involved (on our side): Full renovation (10-12 months to complete), furnishing, and property management through Airbnb until the sale (2-3 years)•Profit Split Proposal: 60% (us) / 40% (friend providing renovation financing)Questions for the Community:1.Does the proposed profit split (60/40) seem fair, given the work we would handle (renovation, furnishing, property management)?

The cost of furnish an average size house could be as low as $5,000, if you are smart and go with high quality used furnishings like John said.

The property quality matters.

We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.

If the replacement included upgrading the fence significantly (for example, replacing it with more durable or higher-quality materials), it may be classified as an improvement.

Are their listings detailed with good-quality photos?

Also we “Pruned” our assets and moved up in quality and future embedded development profit.