Oh, and check your local rules about short-term rentals so you’re good to go.Ready to dig deeper anytime! 

Sometimes you have to step back, really think about your long term and short term goals, stick to a daily, weekly, monthly and yearly plan.

Renting to people that aren't friends can be great, but also, one tenant can make everyone's lives miserable, so that's why I start with short leases in the beginning. 

The people that I see that have made their investors and GPs themselves real long term wealth, never anticipated a huge short term return.  

They can test even the sharpest investors.Another buddy of mine, who’s based in Austin, had a client that found herself caught off-guard by a last-minute inspection delay on her Oregon property.. from what I’ve heard in Forbes, the local market’s short supply of exchange-worthy replacements didn’t help either.

@Jonathan CooperIf your current accountant is not familiar short term rentals and/or cost segregations, it's time to get a new accountant.

Here is a link to the Las Vegas short-term rental page: https://tinyurl.com/2fcsjj32Whether you can offer a short-term rental out of a condo or apartment depends on the individual property.

The key is to understand the capital stack, who is in line in front of you and what are their terms.The people who are getting burned may have known there was debt in front of them, but did they know it was short term or variable - did they know all the details to make a good judgment on the investment.If a property had 20 year fixed debt at 70% would you take that over 3 year debt on a variable rate at 50%? 

@Yezenia HernandezI started with pre-construction short-term rentals in the Riviera Maya, since it's Mexico's and one of the world's main tourist destinations and so the profitability has been very high there.

With that type of income you can buy rentals with cash in a short amount of time anyways.