For anyone considering this, it’s probably worth consulting with a local land-use attorney or planner to navigate the specifics and make sure you’re maximizing the opportunity without running into red tape.

I think you have to own them if the people were nice and respectful.One thing I've found is that you have to specifically remind them in the beginning, middle, and the end, that you want to provide a 5-star stay to result in a 5-star review.

While I haven’t invested in NYC specifically, I can share a bit of perspective: For a 3-year timeline, buying can make sense if you’re confident in the market’s appreciation and can find a condo with flexibility for renting it out later.

The cost of Spam comment made me laugh out loud; luckily that won't be an issue for me but glad to know it is available.I specifically am looking forward to reading about how you chose Teak and what the real estate/business  buying process was like.Thanks again!

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Are there specific advantages or potential pitfalls I should consider when structuring these activities through my LLC?

Affordable relative to the rest of the US so great place to work remote or just enjoy a reasonable life without being hugely cost burdened Cons: A lot of older than 1980s construction (you 100% can be successful with these properties just have more to check during due diligence) Need to be mindful of market rents in the area and not overspend on renovations where there is not ROI to do so, you can’t usually exceed $2 sf on rental rates and average price per sf is 1.25-1.5 sf (neighborhood, unit type, and finish level specific).KC is not a boom and bust market, you don’t get the high highs or the low lows.

Maybe this is neighborhood specific, but most of the SFH within a few square miles of me sell with ADU price per square foot the same as the main house.

From my experience, attending local meetups, lending-specific events, and networking with experienced investors can open doors.

Also, consider creating a JV agreement for the specific opportunity you and your new found partner decide to pursue!