This is also the best thing, because many out of state investors find it confusing and stay away, which keeps our returns much higher and wards off Wall Street investors from buying up swaths of houses, which we've seen in other markets.As an STR specialist, keeping up with zoning and regulation statewide is a huge part of my job.I also host monthly short term rental events for local investors, monthly webinars, and I also often get furnished, turnkey off-market STR properties.

How much are you spending on tax filings, anderson advisors, banking and checking accounts per year?

Think of it as a piggy bank: you put money in all the time, but the piggy itself also grows in size over time.

In most states all you need is a separate account in a bank in that state.

I've read a lot of posts in the forum here on the pros and cons of this strategy... what I would love is some insights from actual PadSplit hosts on the assumptions/operating expenses to take into account when evaluating a property.

You calso never have to worry about "Money in the bank' versus a credit risk HELOC. 

I have a clause in the lease that says the security deposit will be held in so and so bank with so and so address and interest rate will be xyz.

Last thing, don't forget, hosting IS a hospitality business.

I'm an investor, agent and PadSplit host.

We were able to refinance with our go to bank at a decent rate in this environment which allowed us to pull out our initial investment and renovation cost.