I'm struggling with the idea that it is somewhat normal in this market but it does seem like it would be a negative to potential tenants.

It normally doesn't cost you any money to open and to be able to access that large amount of equity to buy or stabalize your current portfolio allows you so much more opportunity costs.For instance, I took a $200K LOC out on my primary residence when I first started in real estate.

I'd normally also suggest Marshall, Black Mountain, and Old Fort, but many of these towns were heavily impacted by Helene.

I would just cap it generously to only catch abusers and figure the normal running costs in your rent. 

Rents for medium term rentals usually range from 1.5 times to 2 times the normal rent for a place.

No, it's not a normal business practice and does not pass the smell test.From driving? 

I reached out to the individual marketing the deal to schedule a property viewing, but they’re asking for proof of funds (which I expected) and a signed purchase agreement or LOI.Is this normal?

As noted above, up to 50% of gross rental income normally gets eaten up by expenses (taxes, management fees, utilities, landscaping, repairs, capex, etc).

Simplified ManagementFor those managing multiple properties, AB 2622 streamlines operations by expanding your hiring pool and removing the red tape often associated with minor repairs.Why It Matters for TenantsTenants also benefit from AB 2622:Faster Maintenance: Minor issues like plumbing or lighting can now be resolved promptly.Fairer Move-Out Costs: Affordable repairs mean tenants aren’t hit with inflated charges for damage beyond normal wear and tear.Things to Keep in MindWhile AB 2622 makes maintenance easier, landlords should still vet unlicensed workers carefully, ensure proper insurance coverage, and remember that jobs requiring permits must involve licensed contractors.AB 2622: A Win-Win for California’s Rental MarketAB 2622 strikes a balance between flexibility and accountability, making it easier for landlords to maintain high-quality rentals while fostering better tenant relationships.

According to NYC, STR is hurting housing affordability just like normal people can buy a house or condo near the Time Square and Madison Garden.