Most softwares will list (at least) name of guest, stay dates, ADR, and revenue to owner.

For another business I run I do post daily accountability in a FB/mentorship group and that does help me stay on track.

So those general expenses get categorized to the holding company as the parent organization.

Stay disciplined, focus on cash flow, and you could achieve financial freedom in 5-7 years.Good luck!

Stay positive and expect problems.

Initially I really wanted to do a STR down in North Padre Texas (as it is a place I have vacationed for years and have stayed in at least 8-10 of the STR in the exact complex im looking into, I see how my STR could stand out amongst the rest since Im huge fisherman down there and that is mainly what those STR are used as, already have boat rental option setup if I go this route, list of fishing and possible guides to go with depending on style of fishing, family, fun, hardcore wade fisherman etc etc and equipment rental available for those that do not have.), the places im looking at are decent $ properties that after running through calculators etc showing 18-22% CoC after management fees etc.But after listening to BP for about a month, now thinking BRRRR possibly and doing up here in the DFW area.

@Katie Lyon Because our weather is more temperate over the winter months, we have much more consistency in demand across all times of the year, so typically the market stays fairly consistent through all seasons.

Just be sure to stay on top of your contributions, fees, and any extra paperwork so you can get the most out of those “triple tax” benefits.Hope this helps!

The longer it stays in the same taxpayer name before changing it, the better.I would also suggest you speak to your CPA before making any decisions.

I do intend to stay close to home - but home provides only annual opportunities and I’m looking for year round possibilities with tax deed properties.