Also, define how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

That's why certain areas seem like great deals, when in fact, you have so much deferred maintenance and inability to collect rentsGino

If the cabin is brand new, figure 5 percent of annual rents for repairs and maintenance.  

The opportunity for outsized profits versus LTR always exists, because it requires much more work in terms of marketing, maintenence, cleaning.

Most people will struggle more with the maintenance and repairs but I was a contractor running a carpentry business at the time, so that was no big deal for me. 

If you are looking to scale, find yourself an online platform that you can grow into that has payment options, maintenance request, tenant screening, etc...

Solve maintenance concerns and you will have happy tenants.

You have more costs than the mortgage and HOA-does it cover property taxes, insurance and maintenance/repairs? 

PLUS expenses (maintenance = 10%, repairs = 10%, management = 12%), PLUS the business loan = around $393. 

Don't forget to increase rents over time just as you would increase maintenance, etc.