Hell, i've seen attorneys volley contracts back and fourth with each other for months on end arguing things like the meaning of the word "the" in "the contract".....All while racking up those $500/hour billable hours of course.Case and point, I won't change your outlook on the industry.

So on bridge loans with rehab you'll see a rate of 11% - 12% because it is a one year loan.Here's how they work soup to nuts:You have an executed purchase contract, your entity docs, your id. 

How about a sales contract with contingencies but with a limit where the buyer can only terminate the contract if their find material defects exceeding a certain dollar amount.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

I really like Jay's idea, on a contract basis. 

.#10 CONTRACT - make sure what you are doing STR is listed in the contract - typically in the addendum section.   

Unfortunately, it's now going to get more complicated:(There are two types of approaches PMCs use to bill for maintenance:1) In-house ServiceTechs on the payroll, so owners are billed for their time by the hour.While the labor charges above are useful, they don't cover the true costs a PMC incurs, like:- Payroll costs for FICA, Social Security, Medicare, etc. that typically add 25-40% to the hourly rate- Medical insurance costs for the worker- Payroll processing costs to handle all of the above- Liability insurance costs in case worker damages something or injures someone- Workman's Compensation insurance- Costs of vehicles and tools- and more...Typically the management contract will disclose the total hourly rate an owner will be charged.

I've got stories that would be hard to believe on some of my seller financing deals, contract on a napkin, personal check for a notarized deed, hand shake deals, etc., etc. and a LOT of fun.

.- at year 7, can i extend balloon or notNo, unless it's in the contract or the seller agrees to it. 

I also take my contractor to all first showings to try to find the problems before we go under contract.