We are talking about foregoing the correct STR insurance for homeowners expecting it to payout for major guest damage.

Don't be suckered into buying cheap properties - unelss you know exactly what you are getting into.Here's some copy & paste advice that applies to just about any Midwest rental market:--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Crew expects some relief through the 721 UPREIT for the student housing properties but details on the execution are hard to come by.

It looks like iowa regulates the transfer:https://ipropertymanagement.com/laws/sold-property-security-...Even if you don't have specific language regarding the security deposits if the leases transfer I would expect the security deposits to transfer as part of the lease.

What type of investment return are you expecting from the property?

If you want something free, expect less and be happy it is free honestly.

Longer and I would reject it.A lot of my guests expecting full refunds are coming from East Asia.

What else I learned was even if you have friends in the area, or even family, while they say no problem, as we get older we all value our time and it doesn't always feel right asking them to do stuff without compensation or with, but it is always tricky to work that relationship when they don't meet your expectations. 

Out of curiosity, how much do you expect to make on the STR? 

Hi @Jaycee GreeneThe renno is expected to take 6 months - 12 months (we have a very good team in place).