Most owners of short-term rentals on the islands and the nearby areas have been dealing with the triple whammy of a slowing economy effecting rental revenue this year, higher insurances and higher property taxes.

Once the project is complete, their monthly payments would drop from $1,000 to just $60 with the rental revenue coming in.

What's the biggest downside .... 

Doing so would increase revenue to my property management LLC but likely has some downsides I'm not aware of yet.

It needs to be shouted from the rooftops on BP - THE BIGGEST FACTOR IN WEALTH CREATION IS YOUR W2 INCOME!

BiggerPockets is a great way to learn, but my biggest advice would be attending networking events and connecting with like-minded people.

I still consider myself fairly new to this world, and I can say with 100% certainly the biggest battles are the internal ones, and this industry has given the pleasure of being forced to address several of my short comings, and continue to address them all the time.I find I get the most emotional when I get reactionary, so my constant focus is around honing and suppressing reaction as a whole both internal and external.Thanks for taking the time to write this up.

So the increase in revenue probably ends up being 5-6%.Maybe I am over estimating the cost though.

Purchase price: $80,000 Cash invested: $25,000 I helped my father-in law convert his LTR to a STR recently (he's owned it for forever, but we wanted to see if we could increase the revenue by switching strategies and updating it).

I need to create some kind of significant revenue stream to ensure my wife, kids, and grandchildren are taken care of when I’m gone.