It has been operating for 2 months now.

This is how our bookkeeping Clients operate and it works.I've heard good things about Rentredi and Rentastic for PM.

I operate 14 properties from the same checking account.

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

Some numbers:Expected 2026 income after raising rents to market value and assuming 7% vacancy: $144k.Expenses: $14k property management, $18k property tax, $10k insurance, $10k utilities, $8k in repairs/maintenance/advertising/admin/etc: Total operating expenses: $60kNOI: $84kBased on 6% cap rate that brings the valuation to only $1.4m, or $1.5m based on 5.5% cap rate.

And many hotels don't have 24 hour desks or 24 hour service.I don't get why all these newer regulations expect STRs to operate to standards that aren't even required of hotels with full-time staffs. 

@Michael Beirne Lower priced markets such as Baltimore are very difficult to operate in utilizing entirely 3rd party support.

My job every month is to operate with as little $ as possible in banks that pay nothing, getting every dollar possible into my money market accts earning 4%+.

OTRCH operates a couple of what I call "wet rehab" centers meaning congregate housing for persons otherwise homeless and there are several other agencies like "First Step House" etc. that might be interested in a presence in this block.Or you could cut your losses and put it back on the market under the "greater fool theory."  

I realize this is an older post, but I just wanted to drop a note and mention that my family and I own and operate a property management company that primarily serves Palm Beach County.