Stay focused on providing excellent guest experience and you will stay higher in bookings and revenue. 

From my experience investing in mid-tier and luxury hotels much larger is you need about 70% to make ends meet, you start getting happy about the investment about 80% and around 85-90% you fell like you are a genius. 

What nice though with that is you build equity quicker.So just adding my experiences with the commercial side, from an owners point of view.Good luck!

In my experience it won't be looking too pretty after a year.

By the most important thing (if that's what you're doing) is to have a really good operator who knows the laws, has experience and is above board so they won't leave you high and dry. 

I want to share my experience with Jenny Yi, an STR designer in case others have had similar issues.

Experience: Beginner in real estate investingGoals: My primary goal is to learn more about real estate investing opportunities. 

@Shawn TumaFrom my experience, you can boost rental income and manage mortgage costs by targeting value-add properties and exploring mid-term, short-term, or room-by-room rentals.

If you’re able to dive deep or work with someone who has boots-on-the-ground experience, the returns can be very rewarding.Good luck with your journey, and feel free to reach out if you’d like more insights or resources on Detroit!

The license doesn't cost more, the service and quality does.And a note on that cost, in my experience hiring contractors, only a small percentage of the cost savings was due to finding the right guy who is willing to work for less.