Examine Midwest markets that exhibit positive demographic and economic trends, such as varied economies, inexpensive housing, and rapid employment development.Prior to making an investment in an out-of-state market, it is imperative to establish connections with local property managers, investors, and real estate experts.

I'm at a full understanding that best practice with hotels is to separate the property from the business by establishing a separate operating LLC (Operator).

@Rania Mutumhe If you are trying to finish and rent out your basement, then there should not be any regulations stopping you from doing that.

This ordinance is significant for its comprehensive approach to addressing source-of-income discrimination, particularly in the context of housing and rental opportunities.Key aspects of this ordinance include:The creation of a $1 million Landlord Risk Mitigation Program to financially assist landlords who accept tenants with vouchers, such as Section 8.Establishment of a landlord liaison position within the City’s Housing Department to facilitate communication and support.Landlords are allowed to deny rental applications based on individualized assessments, such as criminal convictions, credit scores, and eviction history, but the ordinance also sets clear guidelines for what can and cannot be considered.It includes a delayed effective date, allowing time for landlords and tenants to adjust to the new regulations.The ordinance also specifies that certain properties, particularly older houses that cannot easily comply with current codes, are exempt from some of the source-of-income requirements.The guidelines provided by Kansas City's Ordinance 231019, detailing what can and cannot be considered in rental applications, include several notable points aimed at balancing the rights and concerns of both tenants and landlords:Individualized Assessment Allowed:Landlords can deny rental applications based on specific, individualized factors, including criminal convictions, credit score, eviction history, alleged damages, and rent-to-income ratio.

Are there any regulations to be aware of ?

Do you happen to have any preferences when it comes to which jurisdictions have "friendly" Section 8 regulations for getting a property approved?

I know that every state can have their own laws and regulations.

Castle Rock actually doesn't regulate Airbnb or shirt term rentals, so you're good there (as long as you're not in an HOA).

That being said, they appraise it a bit differently by using "Capitalization Rates" or "CAP Rates" to determine value instead us using comparable properties to establish value.

I also know a professional property manager is more efficient, has better marketing, established policies to handle problems and prevent losses, knows and complies with the law better, and more.But maybe you can do it as well as the PM.