Know how to be able to work out a cap rate, and net-income, not Gross.

I don't focus on residential or TK but when looking at those properties and areas look at various companies  and compare and contrast risk versus benefit.In those bad areas to find a good property manager you might have to pay 10 to 12% or more management fee as the tenant is more intensive and more difficult to protect the income stream.

If this one doesn't work out he might know of others.

How did it work out?

Short term is very management intensive and should be furnished including all kitchen, bedroom and bathroom necessities.Long term standard rental - unfurnished.

Just know that most partnerships won't work out.6) Learn how to license your brand.

& let's work out a deal everyone is happy.

This has been done a lot and if you are honest with the home owner and you do your numbers right it can work out to be a win win.

I love the area and still try to work out there as often as I can.

We are still very comfortable and the property will make money, however if just looking at my income it doesn't work out.