It looks good on paper, but a single unexpected expense will ruin you.

I will offer one piece of advice from a gent that has 40 years of experience in building PM Co's - "Build a service that will delight your clients". 

If you are planning on not having other partner PMs, at least have a network of other PMs that can take over during unexpected emergencies or vacations.   

As mentioned before, watch out for unexpected large expenses that might have been overlooked on the initial walkthrough.

If there is barely enough capital to cover closing costs, you are one sneeze away from pneumonia (vacant month, unexpected repair, bad debt, move out, etc.).

Luckily I’ve gotten 5 stars from all my guests (cross my fingers) even from the ones where unexpected issues arise.

Also, if for some unexpected reason air bnb doesn’t work out, id rather rent out 4 units long term then just have one house.

I wasn't really planning on using a private/hard money lender, since I was only going to make cash purchases to the point where I would still have 6+ living expenses and then a little bit extra for unexpected costs. 

I have 6 more leads in the funnel now, and should be closing on two properties this month to start the new year right - barring any unexpected situations. 

So I am delighted to furnish my cabin this way, even though it is not at all my taste.Basically, I am looking at these cabins as businesses, and I'm doing everything I can to appeal to the clientele.