You'll save on labor costs and have better quality control.- Start small: Begin with a modest project to learn the ropes without overextending yourselves.- Create a detailed business plan: Outline roles, responsibilities, and how you'll handle decisions and potential conflicts.- Build a network: Connect with real estate agents, wholesalers, and other investors to find good deals.- Educate yourselves: Learn about local market trends, zoning laws, and permitting processes.- Set realistic timelines: Account for your full-time jobs when planning project schedules.- Budget carefully: Include a contingency fund for unexpected issues.- Focus on high-ROI improvements: Prioritize renovations that add the most value.- Document everything: Keep detailed records of expenses, work completed, and agreements.- Consider liability protection: Look into forming an LLC or other business entity.Starting with cash is a smart move to minimize risk and learn the process.

When it comes to investments, you can rely on a third party to control the timeline of repairs since your tenants also have recourse depending on the situation.

How do you set this function: I would like guests to be able to manually control the heat/ac, but would like the range of temperatures allowed be between 68 + 78 degrees.

So if you still want to pursue most units have a rental control cap.

Lots of variables.I was a CFO & Controller so budget was a big part of my job. 

In my opinion, some associations have way too much control and tend to take advantage of the out of state investors (not all of course).Is your preference to purchase another STR if a 1031 is the play?

The best way to work subject to deals is if you are in control until the loan is paid off. 

Like others have mentioned, you will pay structurally more for a home warranty than self-insuring for the cost of repairs.This may be worth it if the value proposition was that you could be hands-off whenever a covered item breaks.In reality, it adds significant overhead because there is the claims process and you give up control of the repair timeline and quality as you have discovered.

Own (or Control) more stuff that puts money in your pocket today or in the future.

Can you manage the effort and keep costs under control?