Most will tell you STRs are a lot of work and I won't disagree with that if you don't know what you are doing.I will say though, we have been able to put together some rock-solid systems and processes to streamline that to minimize the work and maximize the returns.My business partner and I are actually writing a chapter in a new book that is coming out this year about unique stays.

Easy to write a state specific lease and make tweaks, and send for electronic signature.

Any other bidder has to write a check for that amount, PLUS the amount over that to reach their winning bid.

I am not writing this never happens, so be forewarned, but you asked for pitfalls.

Assuming you're stuck on renting it as a "duplex", you write a lease for 3 bedrooms and the named bathroom (s) for each tenant.

I was thinking of writing in my lease something to the affect of "ceiling fans were left here from previous renter, landlord will not replace/maintain ceiling fans. 

As for the permanent upgrades, can the LLC cover and write off items that are considered a repair or upgrade, like painting and flooring, or new AC or hot tub?  

If you are writing the cash you would get back with regards to the monthly savings doing an IRRRL/Streamline refinance then OK, I get it.

You could get a standard one and LLM to write content for you.

I am looking at buying a distressed 1/1 coondo and turning it into a 30 day rental, and am about to write my proposal.