It replaced the original SmartThings hub, which is confusing, but I have had both and they both work seamlessly with SmartThings software.

In certain markets, operators are having to niche down in order to better reach guests.

It is very challenging to get your AirBnB license unless you are renting out YOUR UNIT or you do 25% of your units if you have over 6 units or something along these lines.The only way I'd advise STRs in Chicago would be if you are going operate a business to scale and had the resources/local knowledge to do so.I'd actually highly suggest Michigan because there is WAY LESS restrictions.

Few home sellers want to sell to a random company operating out of Topeka.

I noticed that you operate in Chicago, any real estate meet up you'd care to share?

Most commercial lenders 99.99% require you to own and have operated a commercial business or 2-3 investment homes prior to a commercial loan of that size.

My partner/other operator already selected and paid for the solution.

But it will be the one you remember because it helped you set your operations up. 

Essentially, the cap rate is the proportion of Net Operating Income (NOI) to the property's value or selling price:Cap Rate = Net Operating Income (NOI)/Property ValueThis ratio offers a direct method to evaluate the yield a property generates in relation to its cost.For advanced real estate investors, integrating additional factors might prove beneficial:Vacancy rate: The duration the property remains vacant.Operating expenses percentage: Includes insurance, utilities, and maintenance costs (excludes mortgage payments, depreciation, or income taxes).The adjusted formula for net income, incorporating these considerations, is:Net Income=(100 − Operating Expenses %) ×(100 − Vacancy Rate %) × Gross Income

The value add will be in the operations as the current owner(s) haven't kept their fingers on the pulse to run it at it's peak.