For that extra psychological safety of handling a that multi-M upscale luxury property transaction maybe worth it, but that's not your market. 

In the backyard, what was previously grass and concrete was completely transformed into a lush vacation oasis, complete with a luxury pool, expansive deck, custom mural, chic furniture and hot tub for the ultimate tropical experience.

In the backyard, what was previously grass and concrete was completely transformed into a lush vacation oasis, complete with a luxury pool, expansive deck, custom mural, chic furniture and hot tub for the ultimate tropical experience.

In the backyard, what was previously grass and concrete was completely transformed into a lush vacation oasis, complete with a luxury pool, expansive deck, custom mural, chic furniture and hot tub for the ultimate tropical experience.

Originally posted by @Michelle Winberry:@J Scott Kim's analogy was about accessing an Experienced Mentor, if you get that free, awesome, if you don't have that luxury then an investor does what is appropriate, get one and pay for it....Just to clarify, in the business world, mentors are typically unpaid -- they are people you have a personal relationship with and who help you because they have a vested interest in your success, not in a monetary reward. 

Long story short, I spent about 3 months figuring out how to make half-decent drawings and refining and adjusting them to code.We started work on the basement at the end of May with Minh and by the middle of September the basement was transformed into a luxurious 2/1.That still left a lot of landscaping work, but my wife and I tackled that over the next 3-4 weeks in addition to the furnishing.

Any more than this, and I feel that I am paying for their luxury lifestyle before getting returns delivered. 

The hot tub was just for the luxury of having it, but we justified the purchase by increases the AirBnb nightly rent.

That said, I'd install a middle-grade plank vinyl--now called luxury vinyl plank (LVP) and make sure it is "waterproof". 

If you think you have average intelligence and a general hard working person, for non luxury STRs (competing with 3 star or below hotels in the area for average people who simply need a bed and a kitchen) I would use 60% occupancy rate to start in the beginning and then 80% after stabilization.