You have set your standards.

If you don't understand the basic principles of construction, market standards (i.e. average cost per labor hour, cost per sqft for flooring, cost per sqft for hang/finish drywall) then you may find yourself getting taken advantage of without even knowing it.

-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I used the standard Nevada Residential Lease Agreement from the Greater Las Vegas Association of Realtors.

@Daniel GrantzRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

They often provide standardized lease agreements that comply with state and local laws.Additionally, many landlords use platforms like Avail, Zillow Rental Manager, or TurboTenant, which often include customizable lease templates that are state-specific.

I didn't know there was a different type of insurance that I needed.I had bought the home with a standard mortgage and standard insurance and then I decided later that I would flip it. 

A formal business built on this seems overkill as you’re essentially paying someone for a service that already has standard model.If you and the parnter have distinct business tasks/abilities (i.e. not what you would hire an agent or contractor for), such as off-market lead generation, that’s a different discussion.

And many hotels don't have 24 hour desks or 24 hour service.I don't get why all these newer regulations expect STRs to operate to standards that aren't even required of hotels with full-time staffs. 

My initial thoughts when it was mentioned, was to push him more to a standard multifamily investing strategy.