You want separate settlement figures showing exactly where the funds came from and how they were used so that the regulators can't hose you. 

I don't recommend this approach as standard operating procedure, but in that deal, my first, I was somehow able to walk away with a $30K profit.  

My recommendation for anyone is to educate yourself, whether its Hawaii or elsewhere, because if you are aware of how STRs are regulated in Hawaii, this is far easier said that done.

Interest rates change, regulations change, in CA lots of fights happen, inflation happens, and just so many headwinds to fight thru as a developer. 

With land availability and zoning regulations conducive to new construction, developers are seizing the opportunity to build purpose-built rental communities in prime locations.

Not to mention, more HOA and possible gov't regulations on short-term rentals.With that in mind, as long as you pick an area that caters well to long- and mid-term (and possible short-term) rentals you'll have multiple exit strategies to employ.

It is the tenant's responsibility to ensure that the unit is installed, maintained, and operated in accordance with all manufacturer guidelines and local regulations.

You could drain and winterize but then it won't be available for guests.Many municipalities regulate hot tub maintenance for STRs.

The standard for raising rent varies depending on local laws, regulations, and rental agreements.

Have strong policies and procedures (and an elevator pitch for each) when someone asks you how you operate.