In reality, the insurance payout reduces the adjusted basis.

The owners refused my advice to reduce price and they both sat vacant for months.

If we let the hotel corporations do all the talking while we remain in the shadows, it does nothing to help the STR world! 

Reduced Administrative BurdenManaging security deposits can be time-consuming, especially with varying state laws dictating how deposits must be handled, stored, and returned.

Are you able to reduce your expenses quickly and easily if needed?

Hey Deirdre,To address your questions:Providing freedom by handling day-to-day operations.Offering peace of mind through proactive maintenance and tenant communication.Reducing risks by staying ahead of legal requirements, tenant screening, and dispute resolution.Enhancing the bottom line by identifying cost-saving opportunities while ensuring tenant satisfaction to reduce turnover.Is the experience still important when the property thrives financially?

Found T&H realty services to be pretty interesting as they provide both buyer brokerage service (to help me find deals) as well as do property management i.e. they are not full turnkey provider necessarily, but reduces some of the hassle for me I guess as an out of state investor. 

I like this idea because it reduces the potential vacancy I could have by doing a short 3- to 4-month lease that ends in April or May, then starting over with a year lease.

My agent is saying that we are unable to split the contract that way (or reduce the purchase price), so I'm trying to figure out options.

Additionally, many states offer property tax exemptions, significantly reducing expenses.