Compare it to the area you grew up in.

And at what nominal price compared to the $24mil they paid in 2019? 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

The US Tax systems, when compared to the EU, seems to be setup for capitalists. 1031 exchanges, write-offs, etc.

@David Calme I've started talking to Four Peaks but I'm very interested in your list of proven MHP funds/operators so I can compare.

I really like LLCs compared to corporations because of the free stepped up basis for passing property to my children. 

Seller is the Agent.Seller bought property in January of 2023 for $730,000Current “As Is” Value : $770,000Target Acquisition Price: $730,000-$780,000 After Repaired Value: $900,000Repair Estimate: $120,000Initial Offer Amount: $715,000Loan Program: Bank Statement Program.Total Estimated Monthly Payments (Principal, Interest, Taxes, and Insurance) $5500/month (based on $770k purchase price)Estimated Gross Yearly Income from Short Term Rental: $160,000 (65% Occupancy, $700 a night| (STR Listing Comparable properties Listing 1 Listing 2 Listing 3)Net Monthly Income after management and taxes: $11,751.25Net Monthly Income after Mortgage Payments: $6251.25 ($75,015) Per YearTotal Cash Investment: $297,000 ($177,000 in down payment and closing costs and $120,000 in repairs)Average Yearly Return on Investment: 25% yearlyAverage increase in property value per year: 5%Average increase in booking revenue per year 7.5%Property Value average after 10 years: $1.5 millionTotal Cash received over 10 years: $1.3 million.Total Equity multiple min over 10 years: 6x total return on $297,000 invested.

Compare that to the performance of a new property (with that equity unlocked but also with a different interest rate as @Katie Ripp said).