Build a strong team, including agents, lenders, and property managers, and use tools like the BiggerPockets calculator to analyze deals.

She also mentioned that they’ve been in real estate since 2006 and have managed over 30 properties (though this is more of a side business for them), which suggests a mom-and-pop operation.

Ease of management?

You could reach out to a few Property Managers in Salt Lake City to see if any of them would be able to give you advice for the area, as they would be familiar with the region and what to expect from the investment! 

I currently work for a property management company also located in the Midwest so please reach out if you have any questions!

A great way to get started if you currently have a W2 job is to buy a house hack like a duplex or a fourplex where you can move into one of the units and continue to rent/manage the other units.

By house hacking, you're immediately positioned as a landlord, which will adequately pressure you to learn how to structure your leases, screen applications, collect rental payments, resolve the nuances of managing tenants and addressing property issues, etc.

With a few tweaks to the management structure, and with new leadership, I figure we can greatly increase the revenue.

Try interviewing at least three managers.1.

I recommend doing a deep dive in the STR rabbit hole and seeing if not just the numbers make sense, but also the time it will take up for you or your STR manager.