Most lenders will try to steer you away simply because they don’t know how to do them.

Simply switching the right refis on or off you can see NOLs accumulate or deplete and the impact on returns. 

Hi Devin,You’ve identified a key issue with the Average Rate of Return (ARR) — it can be misleading.

A good PM should be on top of this and not simply ride out the market shifts.Technology & Reporting: What tools do they use to monitor guest interactions, maintenance, and property performance?

Identify the key issues and buy new or do preventive maintenance. 

Like others have said, you don't need an LLC to get started with STRs.If you own a single unit or even 2 or 3, simply make sure you have the best insurance to cover any issues as well as an umbrella that can cover any excesses.Plus the major key will be maintenance.

On top of that you have operational inefficiencies that local investors simply don't have.Some of the absentee (OOS) slumlords are giving all of us property owners a bad rep here in Milwaukee.

They do not know the entire story, so the rates and terms offered are just simply teaser rates to make you interact with them.

For instance, with STRs, why won't an investor spend an hour on AirBNB for their area to identify listings that:1) rank the highest2) occupancy 95%+3) ADR $750+4) hosts have 2+ properties5) listings are branded with 20k+ Instagram followersetcThen, reach out to those top operators; as many don't have the time or gave up on cold outreach, yet they've done the hardest 90%, have skin in the game, and outcompeted thousands of listings nearby.

This will help you learn the local market and quickly identify a potential deal once it arises.All the best!