Foremost, Proper are 2 big ones.Don't skimp and get the place insured properly.

Clear financial separation ensures all rental expenses are deductible, maintains legal protections, and simplifies tax compliance.This post does not create a CPA-Client relationship.

I want to stop being pennywise pound foolish and get things set up properly. 

I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).

However, it’s important to ensure that the deed is properly recorded with the county recorder’s office to make the transfer official.

Our main goal is to ensure we’re properly protected.Additionally, should we allow pets in our STR?

Just know them going in so that you can properly budget.

I recommend that you engage with a real estate accountant to ensure you set everything up properly. 

I strongly advise anyone purchasing an old house to flip to ensure they have a clear understanding of the condition of the home's drainage system.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.