It's like gambling for them but will want a much higher pref and much higher equity upside from syndicator because of little to no track record.

Operationally nothing changes.  

I suppose it's a lot easier for me to say/do this because I operate 100% electronically, but even if someone only looks at the sheet for a few seconds to answer a question, then I think it's worthwhile to include them.

Request a detailed list of documents and information from the seller, including financials, leases, contracts, capital expenditures, surveys, environmental reports, open permits, and the Certificate of Operations.2.Physical Property Due Diligence.

This can minimize interactions and potential friction.I operate a LTR and STR in the same building, and honestly its been great and its nice to have a set of eyes on the place 24/7 that can alert me if there's something wrong or an issue.

Annually, Does the higher nightly rate but higher vacancy rate push off the highest operating income? 

It explains why they are usually in the lowest barrier space within the industry (until recently not even a license was required & many still operate illegally).As a Philadelphia resident and active investor in the city I fully endorse investing in Philadelphia but only if you’re receiving sound advice. 

I think novice operators are trying go too heavy on amenities to compete with the big boys/girls/people and they can't do it as well because they don't have the operational experience.Consistency is the key for new operators and that goes for quarterly photo updates, dynamic pricing, and communication.Too many people got into the space in the past three years who thought of STRs as passive income when that is just silly.

Think it would be a great place to connect with other management operations and partners to bounce ideas, connect and potentially expand operations, etc. 

There are lots of people operating illegally and you can find them advertising properties illegally all over the BP Marketplace.