Request a detailed list of documents and information from the seller, including financials, leases, contracts, capital expenditures, surveys, environmental reports, open permits, and the Certificate of Operations.2.Physical Property Due Diligence.

I'm really interested in see how the "Local Agent in Charge" plays out and if they really do go after agents / brokers if the property owners do not comply. 

Annually, Does the higher nightly rate but higher vacancy rate push off the highest operating income? 

It explains why they are usually in the lowest barrier space within the industry (until recently not even a license was required & many still operate illegally).As a Philadelphia resident and active investor in the city I fully endorse investing in Philadelphia but only if you’re receiving sound advice. 

There are lots of people operating illegally and you can find them advertising properties illegally all over the BP Marketplace. 

Think it would be a great place to connect with other management operations and partners to bounce ideas, connect and potentially expand operations, etc. 

I think novice operators are trying go too heavy on amenities to compete with the big boys/girls/people and they can't do it as well because they don't have the operational experience.Consistency is the key for new operators and that goes for quarterly photo updates, dynamic pricing, and communication.Too many people got into the space in the past three years who thought of STRs as passive income when that is just silly.

To add additional context,  I would personally be more willing to sign my name onto a $6M mortgage collateralized against a $10M asset in an "A" market that has historically low vacancy rates, no deferred maintenance and is located in a stable market with a rent roll that covers the debt services and operating expenses with reasonable cushion for reserves than sign my name on a $90,000 loan collateralized against a $100K property in a C/D unstable market with high vacancy rates and where capex will disproportionately impact operations.

What should I be doing during the inspection period, especially operating remotely? 

I’d love to hear about the red flags to watch out for, so I can hopefully avoid the same headaches.For me, clear communication and transparency upfront are key, but I know not every lender operates that way.