I haven't post a vacancy on Facebook market place for about a year or so...it use to generate 100s of inquiries/responses daily, but I posted a vacancy a week ago and it hasn't generated a single inquiry.

Good PM's have to defend themselves on the daily because goof ball owners have no clue of what they are doing, look at the lowest price, and pick terrible PM's. 

The key factor is ensuring the property qualifies for favorable tax treatment by adhering to IRS rules regarding short-term rentals and material participation.For the 7-day rule, the IRS requires that:The average guest stay must be seven days or less for the property to qualify as a short-term rental.If the average stay is 30 days or less, you must provide substantial services similar to what hotels offer, such as daily cleaning or concierge services.Regarding material participation, to further classify the income as non-passive, you must meet one of the following criteria:You spend more than 500 hours actively managing the rental in a year.You manage the business yourself and spend at least 100 hours, with your involvement exceeding that of any other person involved in the rental.Please note there are actually 7 ways to qualify, the above two are the most common.

Daily finance reading is boring.Want a successful career?

I can't fix it if I don't know it's leaking because I don't want to inspect your apartment every single day - you're renting a space for quiet enjoyment....that includes not being bombarded by the landlord daily. 

This includes (but not limited to):-Quiet Hours-What spaces can and cannot be used-Guest policy (make sure to limit days in a row and in a month)-Pet policy (even if you don't allow pets, if someone has an ESA animal, it would be good to have guidelines in the event they surprise you with one, otherwise you are SOL and of course take into consideration fair housing laws)-How is trash put in the cans (in bags, not just thrown in) and when can trash cans be taken to the street and put back-How is the late free structured (one time flat fee or a daily fee)2.

Average Daily Rate (ADR):Look at the average daily rate for comparable STRs and bed and breakfasts in your area.

AJ, any input on the daily rates in AirDNA?

We could work backwards from the condo's upper tier pricing (that you would likely get into contract at) and backwards calculate how much income you're going to need to qualify given the probability of how the rest of your rental income and liabilities will be caluclated.We do these calculations (plan A, B, C, etc) on a daily basis.

Once you have the difference, assuming that both options fully pay the mortgage, consider wether or not all the little tasks you do daily while self managing are worth the extra income.