From what I’ve heard, properties that emphasize tranquility.. like offering outdoor seating areas, fire pits, or even something as simple as a hammock.. tend to perform exceptionally well in remote settings.You’re spot on about STR policies in Johnson City versus Knoxville.

And, past performance is no guarantee of future results. 

@Randall King If you find the property isn't performing well, a 1031 exchange would defer the tax and concentrate that equity into something that has a greater cash flow potential, like what @Corby Goade said.

I know they’re an essential tool for analyzing a property’s financial performance, but I want to ensure I’m approaching them correctly.Could anyone share examples of what a good T-12 looks like or highlight key items I should make sure are always included?

Handle Legalities:Make sure you have all the permits required for the task you intend to perform.

Once you have a market chosen I'd connect with a realtor/wholesalers in that market through BP or Facebook groups to get a first hand view from them on how their market is performing.

But once I took that first step, everything started to fall into place.Here’s a few things to think about as you start:Start with something: Don’t stretch yourself too thin.

My Glendale house still performs well, but it just seems to have a bit more on the member management side than the rest due to the members I have been exposed to. 

They extensively damaged the property from floor to ceiling.  

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!