According to him, the secret lies in market research and meticulous property management.5.

First time in 3 years we have had to file a claim with over 150 airbnb stays. Guest left all windows and door open in our cabin in -15 degree weather when they left causing a frozen pipe. Left the place destroyed and ...

Run your numbers meticulously: As an accounting major, you’re in a prime position to analyze cash flow and ROI.

However, we will likely need a property manager to assist with some facets of running this rental (since we would not live locally) and would primarily market it through platforms such as Airbnb and VRBO to start, (eventually setting up a direct booking process).Here's our question for those who have experience in STR's or who might be involved in a similar scenario: How challenging is it to meet the material participation hours needed to achieve active status?

They focused on renovations that appeal universally.. think updated kitchens and bathrooms - and kept meticulous records of their expenses.

I always start out with a process of responding back by phone or email and getting a quick conversation to let them know my process.

All funds process through various channels but the PMS (with trust accounting which is very important) keep track of all the funds and then we disburse monthly to the owner. 

As a new investor, your story is a powerful reminder of how important it is for me to be meticulous in protecting my investments.

If you need help with the process, you can contact Consolidated Civil Enforcement - they have a ton of experience helping landlords through the legal process.

depending on how backed up the county is it can e take a few months for court date. in essex county it took my mother in law about 8 months or so for the full process. she had an attorney, not sure if that sped anything up