But to date, I've just set my rents at a rate that accounts for me having to pay the water bill - and informed the residents that each year I'll increase the rent based upon my expenses (including water), so keeping the bill down helps me to help them.But one problem this could cause is if increasing the rent to cover the water bill then places your rent above the market rate.

Can you provide some of the pros and cons for the 6-10 bed facilities ?

Purchase price: $380,000 Cash invested: $135,000 Annual rental to be turned into STR when tenant vacates What made you interested in investing in this type of deal?

Not to mention the general PHX market has become expensive and people have already been looking for cost efficient alternatives in the northwest and southeast corners of the valley. 

Glad to have you as a part of this awesome community, Simon! 

Check out the MHU bootcamp by @Frank Rolfe!

If the investor would like to receive cash flow, I will pay them the $2,507.83 up until the remainer of the 5 years.The remaining profit earned with the $41,315 would be $191,784.80 total if you get paid for the duration of 20 years!

I pay water ($130) and pest control.

You really don't need that LLC until you pay off the property and it's questionable if you need it then as long as you maintain your property and have correct insurance.Yes to wind insurance, not sure about hurricane.I use Foremost STR policy for one property.I am about to switch to USAA (retired Navy) for another because they quoted a policy that was 3k lower than what we have.

@Kwanza P. 780+ pretty much gets you all the same rate regardless of being in the low to mid 800s.