I guess what I am saying is don't let a few thousand dollars at the front of the deal get in the way of the reward you will reap at the end of the deal. 

Self managing takes a little effort and some time, but reward far outweighs the effort for us. 

They all carry their own risks and rewards.  

Being part of the first mover comes with its risks and rewards.

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

Relationships are key, but with little exception, loyalty is not rewarded in this industry.

Debt adds risk AND reward. 

It's easy to fall in love with a charming fixer-upper, only to realize you've bitten off more than you can chew.

On the other hand, a 200%+ return is fantastic and if they had been able to achieve that, perhaps rewarding the GPs for it is appropriate.6.

However, if you have the time and resources to manage it remotely, it can be a rewarding experience.Feel free to reach out if you have more questions or need recommendations for property managers in Colorado Springs.Wishing you all the best on this new journey!