They may seem attractive on a spreadsheet if you are chasing cash flow, but the fundamentals are not as strong and these properties are  disproportionately impacted by capex and operating costs.

I will be managing all booking, renovation, and maintenance operations of the STR (besides mandatory front desk operations, and cleaning - required to be run by the Hotel).

My spouse and I didn’t learn our lesson here and took on a second partner in a real estate/restaurant operation and ended up again having to have legal action to sever the partnership when it failed.

In the middle of buying out partner (50:50 partnership) in a mixed-use owner operated Gas station and real estate property.

Analyze deals like a pro using the 1% rule and understand operating expenses before making an offer.

@Jennifer Taylor First  answer this: Do you currently operate your properties with all proper permits and licenses?

I’d reccomend figuring out value of your time and then thinking about much time it’ll take you from an operations perspective and divy out % that way.

And than #2, go get informed on how to correctly operate and manage a portfolio.

.- Tech-Driven Operations – Using property management software for things like rent collection, maintenance requests, and communication has made everything smoother and saved a ton of time.- Curb Appeal & Upkeep – First impressions matter!

Rise48 seems to be a good operator.