Collect first two months rent up front and deposit on next month. 

.: I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. 

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.

I’ve been in the STR game for 6 years, managing multiple properties, and here are some of the tech tools that have been game-changers for me—both for evaluating and managing properties.   

Quote from @Mackaylee Beach: I think these times (the last two years), and this year are the ones that will give birth to some of the best investors.

Let's chat soon and see if I can help you think through that strategy a little bit more.

Hi Dustin, welcome to the community!

well if I ever make it to the Smokies to see what the draw is  I will rent a condo then :)  I am just guess but I suspect folks that go there want to be in the woods and hear the birds and maybe some local mtn views etc.. or some sort of privacy they never get at home out east were there is not very much public lands close to where they live in the big city. ????

It’s essentially the wealth you’ve built through homeownership.

This is the percentage of costs (purchase and rehab) covered by the loan.