I managed STR with my sister twenty years ago before Airbnb existed.

I would say get connected with a local agent and also set up with a lender that has you pre approved to make it super easy making offers.

By providing the necessary funding and covering renovation expenses, we ensured the project stayed on track and within budget, leading to a profitable outcome.

If the rent payment covers your mortgage and you have a good tenant, why would you get rid of them to take on the expense of unit turnover, because you will have to do one, and the 5% vacancy loss just to increase your rent $150 per month?

The type of information needed depends on if the building is being constructed in the future or if the building already exists.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

@John BowensAre you loaning from a pre-tax 401K or did you convert to Roth and then loaning from there?

No problem with down payment but will need conventional load which is not a problem as I have been pre approved many times just did not find right property.

Do you need to increase rents in the next year to cover your costs?

I think he calls it "pre-development" & goes over subdividing, entitlements, permits, etc.