Their previous lease includes a portion of storage in the basement with laundry access(also in basement).Current set up: tenant occupies floor #2 with separate access to the basement for their laundry and storage.Future plan: reno basement and remove storage/laundry access for tenant.

At the water heater the cold line in will calculate all usage.

The purchaser is going to be out all their time, legal fees, fees for setting up their Wyoming entity, etc.

You can take yourself out or severely set yourself back if things go awry.I've bounced around the investment mortgage industry for 5 years. 

STRs have unique tax considerations, so setting up the right systems early will save you headaches down the road!

They can guide you on tax advantages, asset protection, and multi-state strategies.A HELOC is a smart way to leverage your equity—ensure your financing structure aligns with your long-term goals.Since you plan to add multiple properties annually, consider setting up bookkeeping and financial tracking systems early to streamline your operations.Best of luck with your BRRRR journey—it sounds like you’re off to a strong start!

You may also want to get the fastest internet possible and to set up individual networks by the room.4.

I don’t have an STR myself but have helped a friend set up and manage a couple last year and it’s not as simple as it used to be. 

He does get a different tenant base than he would renting the 5 bedroom to one large family or extended family, but his cash flow is definitely higher than with one set of tenants.

A big set of nice stainless steel appliances though!