Do they use pen and paper to record this information or do they have some sort of software to manage it? 

It depends on the property.... is it value add where there's also a construction component or merely a management improvement opportunity?

While I have managers handling the daily operations, I still oversee everything remotely.

I manage around 400 rentals and probably terminate a couple dozen every year for lease violations.

Plus, there are upfront costs to consider, like furnishing your condo and any expenses tied to managing it as a rental.As for refinancing, it might not be the right time with interest rates where they are.

However, this allowed me to gain initial experience and confidence without being overwhelmed by managing multiple platforms simultaneously.

I would like to start close to home as I plan to self manage the rental side of it.

For real estate investors, that means lower operational costs for managing properties and cheaper construction expenses.

Acquiring your 2nd STR is predicated on your successful acquisition and management of your first, and there are a lot of practical skills to learn on #1.  

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.