Invelo is a true all-in-one solution for real estate investors, built with industry-proven best practices.

Curious if this is normal practice or in other management agreements people have signed? 

It's a good practice to overestimate costs and underestimate after-repair values (ARV) to keep your expectations realistic.

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

Here are some practical steps and strategies to consider:## Single Family and Small Multifamily HomesWhen looking at single-family and small multifamily homes in northern Illinois and southern Wisconsin, make sure to analyze the local market trends, rental yields, and property appreciation rates.

A tax advisor specializing in real estate can help you navigate deductions, plan for 1031 exchanges, and ensure compliance with ever-changing regulations.

My absolute best advice with ANY STR prospecting is to contact the municipality in charge of regulating that area of region.

A single-family home or small multi-unit property can be a great way to dip your toes in the water.Build a Team: Even if you’re planning to handle most things yourself, having a good real estate agent, property manager (if needed), and a reliable handyman can make life so much easier.Learn the Local Laws: Pensacola is pretty investor-friendly, but it’s always good to know local zoning laws and short-term rental regulations if you’re thinking about Airbnb or VRBO.Run the Numbers: Make sure you’re clear on the property’s cash flow potential.

However, I don't know from a practical point of view if it's doable 2) Condo vs townhouse vs cashflow: I noticed condos  and townhouses are way cheaper in fort myers FL ( however risk of hurricanes) and maybe more opportunity for cash flow.

definitely need to have lawyer look at it.Risks/additional hurdles- On the practical side, the absence of deeded rights makes tenancy in common ownership considerably more risky than condominium ownership, even where the TIC owners have separate financing.