There they have a much higher likelihood to get tenants who will pay not to mention respect the property and make things easier for everyone. 

Just saw a well respected MF operator buy a property they have big plans for in a very rough neighborhood. 

Those that deal with the 12 1/2 % remaining have a chance for much better success OVER THE LONG TERM, in all economic environments.  

Both preferred equity and common equity have their respective pros and cons.

I am working on my RE license for VA and see some gov contracts where JLL "is the Commonwealth’s contracted real estate broker for current real estate services, including with respect to the acquisition or lease of real property and the disposition of surplus real property." 

I would imagine this would be close to a balance sheet.I'm not sure what my CPA would want, but that looked pretty inclusive since I categorized my transactions into their respective categories, ie property management, and repairs.

Tough environment to focus on studies. 

@Katharina Bormann They don't seem like very respectful tenants.

The regulatory environment is the first thing you should consider when buying a STR here - it is both the worst and best part of being a CO STR investor.

Its essentially in the longterm best interest of the property owner to ensure there is a non-compete clause in all leases; merely for the benefit of securing longterm relationships with the tenants.A diverse tenant mix can attract a wider audience and contribute to a more vibrant environment.