For my short term rentals I am really going to focus on adding improvements that will increase my daily rate and guest experience.

Almost daily I get a phone call of: "Hey, I am calling on your property listed for rent (that they are obviously reading because that's how they got my #), I was wondering, is it available?". 

Life’s too short.2. you’re making a 5 percent return on total equity now, and surely much more on a return on investment basis.

As the contractor we are typically on the hook for work performed and then bill on a monthly basis for work completed to date.

All in all - owning a place to rent to other people is a business, and business decisions need to be made based on that cold hard facts and not on an emotional basis, unless someone wants to quickly go out of business.

I believe that's the reason motels rent on a weekly basis.

Quote from @David Martoyan:You need to be thinking outside the box on a deal-by-deal basis.

Our only debts are a 2.875% mortgage with a balance of $124k only paying $897/month on an appraised value of $325k, daily driver car of $370/month, and use a credit card for monthly expenses, but pay the balance off with every pay check.

For residential properties with a basis of less than $1.2 million, check out our online DIY Residential Cost Segregator. 

(I’m ignoring any extra cap-x because you said it was a condo, but you’d also add any major cap-x to cost basis).