@Janea Crum Maybe I am misunderstanding what you mean by AirBnB arbitrage, but to @Dave Stokley point, if I want to invest in Phoenix or Scottsdale (which I might like) and I live far away (which I do) I would like an STR partner to do all the STR-work, for let's say 20% or maybe 25% of the gross rent.I would want for the person to be local and have some experience in renting STR at least her own place, ideally also including a few rental/investment properties.

Insurance also doesn’t protect you from misunderstandings, especially those made in writing and email.

Insurance also doesn’t protect you from misunderstandings, especially those made in writing and email.

I'm probably misunderstanding but you might want to get in touch with a local GC and architect to give you an overview of what your projected costs might be.The forums are great for pointing you in the right direction, but there are NYC ZOLA (Zoning and Land Use Application) configurations to keep in mind as well.

I have a blank lease and no, it was not a misunderstanding, I asked for the current leases that the tenants signed. 

@Jerryll NoordenI agree that $100/mo seems low, but I think you’re misunderstanding the math.

Doesn't help when agents don't understand it either and continue to propagate a misunderstanding of the rule. 

If I'm going to take on the liability, I may was cover my butt by doing it myself.That sounds like a misunderstanding of their contractual language.

If you already understood all of this, that's great but this is an area where there is a lot of misunderstanding.

Don't misunderstand though , overall the tenants are great its the process and paperwork that are the real chore.