STR PotentialWith $40K in annual revenue, reaching $1,000/month in cash flow will require some adjustments.

They also held two annual events in the Fall and Spring that drew in over 100,000 tourists each.

If the continuing maintenance and repairs are more than you can afford and make the property cash-flow negative, I would sell and hope that the repairs I made and the appreciation would earn me some profit.

Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually when rents are increasing or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.

I grew up learning maintenance on properties my parents and grandparents had in Akron, then started buying my own after college.  35 years later, been full time for the last five years or so.  

Get the easy stuff first - rent roll and lease end dates, any bills the landlord pays - common area maintenance, maybe water, sewer, taxes, and insurance.

There is always a chance that rates will drop, but I would imagine $25K would buy down the annual rate so significantly that you would never see a lower rate offered by a bank so you wouldn't even think about refinancing.

Both have Maintenance Request, which is great for tracking past issues with each home.

I have 17 years of corporate RE and compliance experience, so the LIHTC reporting and annual financial audit does not scare me.  

By this time 18 months have passed and the property through neglect, no maintenance, loss of tenants, etc. may appraise for significantly less than amount owed.