You have enough of a stable income base that you can justify buying in a luxury location and wait for the appreciation.

The only language I can find is as follows: "Short-term rental means an accommodation where, in exchange for compensation, a residential dwellingunit is provided for lodging for a period of time not to exceed 30 consecutive days."

In other words, your price determines the perceived value in the guests mind, no different than a luxury purse fetching $1000 while another brand only $75, even though they are both made out of leather. 

We are not obligated to pay their lodging.  

We have gone from self-management to professionally managed by a luxury focused STR team.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

https://photos.app.goo.gl/drAGE6qoQpo2zTmk6 (https://photos.app.goo.gl/drAGE6qoQpo2zTmk6)

https://photos.app.goo.gl/jPLzX8QHq7PRsGo...

Turned out to be a very strong housing market with limited Custom Luxury Home Builds How did you find this deal and how did you negotiate it?

When I managed properties the owner would regularly call me in his office.... why did we spend $1/sqft to paint this apartment, why did we replace a fridge, what does it cost $2500 to do a simple make-ready on a 1 bedroom luxury apartment?

Husband and wife agents with luxury brand, own a construction business, licensed General Contractor, retired army officer, successful spec projects in 2004(money was easy then).

I just installed luxury vinyl tiles from Nucor in a future rental and they came out looking great.