Another huge thing to consider is laws and regulations, many times new investors will jump at Hudson county thinking the proximity to NYC is great for renting (which it is) but many of the municipalities in Hudson county have very strict landlord laws. 

The only thing propping them up and forcing them higher is our monetary system and governmental regulations that limit competition in the market place. 

For example I am near old town alexandria and the businesses are 200 year old row homes and there is no place to put ramps to get in establishments and door openings are not wide enough, but that is because they also could never comply. 

There are far too many regulations, the transaction is a much longer process, and we are talking about someone's biggest purchase.

All of this said, be sure to do your research on STR regulations first and find a STR friendly location.

I found a nice established one for sale.

My strategy was to establish credibility with one OTA before diversifying.

The process protects both their system and users against fraud and aligns with banking regulations, especially given the financial data involved in property management.

Eliminate debt, establish a budget, and save.

SignaturesThis Agreement is binding upon the parties and their successors.Contractor Signature:[Printed Name] [Date]Subcontractor Signature:[Printed Name] [Date]AttachmentsScope of Work document.Project drawings/plans.Proof of insurance and licenses.Payment schedule.Note: This template is for informational purposes only and should be reviewed by a legal professional to ensure compliance with local laws and regulations.