Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Compare this to your total monthly costs, including mortgage, insurance, taxes, vacancy and maintenance.

For a more general philosophy on hospitality, especially if you are going into the higher end STR space I would recommend Four Seasons: The Story of a Business Philosophy by Isadore Sharp about the founding and development of the Four Seasons brand. 

The benefits to the seller including dumping a money pit that no one can get financing on, dumping a property that has a nasty lien or judgment against it, selling for more than the property is worth, dumping a property that is contested in probate, things like that.

I even included that in my "Debt Strategies" presentation that I give at local events.

Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

Build a strong team, including a knowledgeable realtor, lender, and contractors, and spend time understanding your local market dynamics, especially in areas like Orlando or Tampa where demand is strong.

Run the numbers as if you leased the property from him at 10% x the value of the home( not including 1,000 acres) in lease payments @60% occupancy.

My interests includes but is not limited to co-listing Airbnb, short term, medium term or long term rental properties just to include a few.

If you are going to share lease edits  brought on by local landlord tenant legislation updates make sure to include the location but I suspect edits influenced by tenant interaction will be most helpful to those who read these forums.