Alternatively, the standard third party manager is incentivized to increase revenue and only control expenses to the level of NOT being fired.  

To do that, as long as you don't hit any of the standard tests (just google "material participation tests" to find the 7 tests), you are passive, and you can offset that income with your other passive losses.It will all come down to the nature of your involvement. 

Our buildings all have tub shower combos that are standard 60” length. 

Lots of things done 100 years ago are "up to code" because 100 years ago when they were built that was the building standard and that is the standard they need to meet UNLESS you touch it.

Hey Emmanuel, Determining your ROI isn't about conforming to a standard "norm" because each deal you encounter will possess its own distinct characteristics.

Even if California will not relent on adjusting emission control standards, and the more than 1,000 supplemental workers at the Stellantis Toledo Jeep plant who are expected to rise to full-time permanent status are laid off, on balance, local incomes are rising.For the vast majority of individuals, a home is the largest single investment of a lifetime.

You are on the right track but remember each specific STR market / local area is going to have some tweaks - one thing I noted is that for the markets you are looking at can vary with temperatures - some different expenses/planning for areas that can have winters (snow, etc) that wouldn't be standard in other markets

@Raza Rizvi  You should be able to refi the $100k at a standard 30 year term, and have very reasonable payments. 

It's also important to note that the industry standard is always going to be to take comps closest to the subject property first. 1+ miles away is considered to be far from the subject property in normal metros.

Those fee should be standard across the board and be the same or very close to the same for whatever you build.Next you need to understand that usually the larger the property the cheaper it gets per SQFT.