Huge counterparty risk, I am just working through a scenario where a correspondent HML in the midwest got defrauded from bad diligence and their funding partner is having to clean things up.

Maybe you can add clear rules on noise, guests, shared space usage, cleaning responsibilities, maintenance expectations, and specific guidelines for shared bathrooms/kitchen.7.

It is entirely possible to self-manage with a strong cleaning team.

Failure to clean up pet droppings willresult in a service call (Pooper Scooper) billed to the tenant.

We had to pay a biohazard company over $9k for a thorough clean up.

I always recommend starting with a prequalification letter to get a solid view of your purchasing power before heading out into the real estate market.

STRs also avoid automatic classification as passive if rented for seven days or fewer per tenant.To maximize tax benefits, maintain detailed logs of all hours worked on activities like tenant communication, cleaning, maintenance, and marketing.

not sure if you are familiar with basketball but it is alot like the spurs offense. meaning the system works if you trust the process. my uncle has everything set up. contractors, know how, experience, tenant screening. management. so i will integrate into his system and learn it to replicate it like Steve Kerr did for the WarriorsYes, I am - The Big Fundamental was a great power forward!

My GUESS is these homeowners have been tricked/screwed in to signing a long term power purchase agreement, often with no buy out provision.

I updated the electrical, painted everything, and “cleaned the property up nicely” exterior and interior.