This protects against potential claims and liabilities specific to the rental.For tax purposes, maintain clear records of rental-related income and expenses, allowing deductions for insurance, utilities, maintenance, and depreciation proportionate to the rental unit.

Focus on undervalued properties, prioritize high-ROI renovations, and refinance to pull equity for future deals while maintaining 20-25% equity.

Over time, rents may increase, improving your cash flow, and you’ll gain equity and valuable experience managing tenants and property operations.

It’s my first time renting my home.

This concerns me about the potential to maintain a solid tenant base and would likely cause a higher vacancy factor.

If you are a newbie or old timer who is really struggling to break through in this business, what do you think is the reason so many don't make it?

The consequence of the unrealistic expectations: buyers becoming terrible operators of their real estate....failing to keep up with cap ex, going the cheapest route on repairs etc. just to maintain the cash flow they expected.

How many weekends do you want to drive up north to find, purchase, setup and maintain an STR?

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.

With time rents will go up and you'll start cashflowing in year 2 or 3, and year 5 to 10 when interest drops you can lower your payment and cashflow much stronger.