Rental competition seems like a big one, but I’d love to hear how you weigh other factors too.Thanks again for sharing your experience—it’s really helpful!

The appealing aspect here is the ongoing population growth and other economic factors.

Quote from @Juan Ruben Cortez: I believe the funding fee is 0.5% of the remaining loan balance, plus maybe another $500 - $1,000 in lender fees. 

As you get larger, you can typically get better management fees, but you typically won't shift from a flat percent to percent + payroll until you get closer to the 40-ish unit range.

My lease has a sublet fee (2 weeks is guest by lease more than 2 weeks in a year is sublet) that is costly enough ($100/night per person which is about what a cheaper hotel is here) that makes sure tenants do not have others move-in without informing us.

Sometimes you can find a large enough company that you can sub everything out to them and get paid on a commission or flat fee basis, or you can get the property platted and sell it that way.

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.

I used Hostaway for the last year and the they recently snuck in a 1.8% fee for our direct booking site.

There ae also holding costs, After the flip you have real estate fees and closing costs to pay.

I’ve heard from Forbes that local lenders in Omaha tend ot waive fees if you bundle accounts.By the way, has anyone here used HELOC funds for mid-term rentals?