As soon as the offer was accepted, we set up an LLC and transferred the contract over to the LLC, of which I am the sole member.

It's great you are getting set up to start your investing journey, but I wouldn't recommend taking someone else's money on your first fix and flip.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Baselane charges a small fee to do direct ACH to your preferred bank, but why not just set up recurring payment directly with your brick and mortar bank?

Our cleaning fees for the year were $40k, landscaping $2.5k, handyman $3k... all tasks that can be done by an operator and off set the loss of income from occupying the main house that brought in about $40k for 2024.My wife and I have decided that even though it makes good money, we have been in Texas for a year and we want to do something similar here and we are very much DIY people and don't want a PM company to run it to the ground.

An STR that is poorly managed may leave the PM without his or her portion of the income, but it may set up the owner to lose the property if that cash flow was needed to pay the mortgage.

Their onboarding process will require about 4-6 onboarding calls just to get everything set up.

The great thing is you get to set your own rules and experiment until you find that sweet spot for you. 

But if set up correctly, they can be more consistent performers over time and have more predictable cash flow. 

More concerning is the new Florida-based entity, Themed STR Capital Fund, set to launch in 2025, for which Santarelli is a fund manager.