This also leads owners to ASSUME simpler is better when it comes to management contracts.

Since it’s a new build, I was able to negotiate some great perks, like a 5.875% interest rate, no closing costs, a fridge, blinds, and even a backyard firepit.Pros:Good school districtLow interest rateMinimal CapEx and repairs (because it’s a new build)Low insuranceHigh-quality tenants (due to the school district and being a new build)Cons:Lots of new builds in the area, which could drive down prices and increase vacanciesThe Numbers:Price: $290KInterest Rate: 5.875%Down Payment: 25%Monthly Mortgage + Insurance + Taxes + HOA: $1,480 (I got really low insurance since it’s a new build and Alabama’s property taxes are low)Property Management: 10%Rent: $1,800 (this is under market because I wanted to rent it quickly—most units in the area were sitting vacant for 100+ days.

SwissPMG can assist you in your property search, underwrite, acquisition, rehab and property management here in Columbus, OH.

Nita Cook is a great property manager in the area for short term and long term rentals.

Do you think that is fair - to be forced to pay for your manager's mistake?

A "lake house" might be in a residential zoned area where a commercial use would be prohibited or at least require a variance (approval) to make an exception.

Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.

Not sure if you have a single STR or manage a portfolio, but I’m only managing one STR right now, and wondering how to set up that kind of payment?

I am hoping to learn about managing my own property and how to get tenants. 

Love that you started a property management business.