I do not know PL too much but I know it is the most popular for small unit count operators. 

Even if it's cleaning rooms, get a feel for the operations.

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.

With less experienced or just poor planning operators, it isn't uncommon that they spend years distributing all the cash out to the owners, and then the time comes for a multi million dollar refresh to maintain the hotel brand, and no one wants to cough up the money back into the entity.

These operators totally bungled the deal and operation but still made money due to the market.2.

Use STR-specific insurance to protect both parties and automate operations with platforms like Airbnb, TurnoverBnB, and PriceLabs.Taxable income from the STR must be reported, but you can deduct related expenses like cleaning, utilities, and furnishings.

Learn about the Net Operating Income (NOI) and Capitalization Rate (Cap Rate)—these are essential to analyzing the potential profitability of a property.Return on Investment (ROI): There are different ways to calculate ROI in real estate, such as looking at your total return after a sale or assessing your rental income versus initial investment.

When I run the numbers based on these rents, the property operates at a negative cash flow.If I increase the studio's rent to $1,400 per month, the property becomes cash-flow positive.

Find the REIA group for your areaAs Henry noted, post something specific for your area and tag your market.Get on Loopnet for your area and property type, reach out to the brokers that are listing deals and offer to take to coffee (they are often invested in deals too but you could ask for connections to other operators that might be getting started).And, again as Henry noted, each person you meet, ask them what other networking events they have attended that you can put on your list.

What I love about Baselane is that it was built BY real estate investors FOR real estate investors so it's really dialed in to what you're going to need in order to prepare your taxes, keep your books up to date and the more operational aspects of being an REI like tenant vetting and processing rent payments.