Hi Pat,Structuring a 3-way partnership requires balancing the value each partner brings to the table.

😁 Ty Coutts🧠 My area of expertise is creative financing and long-term real estate advising🙌 Looking forward to genuine conversations, gaining and sharing wisdom, hanging out with my wife by the pool 🤝 If I could make a great connection with someone looking to achieve generational wealth through real estate at BPCON2024 then I would leave BPCON happy🗓️ Can't wait for the Real Estate Partnerships: Tips for Investing in Real Estate with a Spouse, Relative, or a Business Partner

Residential and Commercial Mix: Combine different asset classes (residential, office space, retail, and industrial) to balance income streams and risk.

Repeat.The only other guidance I would offer is investing a portion of the $80k into a coach who has already achieved what you are looking to achieve.

It's had two episodes of 10x'ing and it still hasn't achieved adoption by the RIA's.

., but we thought initially it would be best to offer a cash down amount($20,000) and then offer a percentage of revenue over a three year time frame. (50% of management fees collected: yr1, 30%: yr2, 20%: yr3) until the balance of the "acquisition" price was met.Again I know I've left out a lot of info but this was just to hear some ideas or previous experiences.Some generals:Approx. 100 doorsMost are 2yr leasesMost are long term clients of the current companyAverage rent of $2300Thanks in advance and have a great weekend! 

With time as your main deployable resource right now though, take that time to learn as much as you can until you find a path that sounds both realistically achievable with your current resources, as well as something that sounds interesting to you.I'm always happy to connect with other investor folks around the Twin Cities, so feel free to shoot me a message on here if you want to chat directly! 

G’dayHow do you track your expenses and find a balance between being a spendthrift and being too conservative?

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

We all get it...receiving news of a rent increase can be frustrating for a tenant who's balancing their own financial responsibilities.