Hi everyone! I'm Igor - a revenue management expert with over 10 years of experience in the hospitality industry. I started my career working for Marriott in New York and Toronto, specializing in dynamic pricing and...

Like mentioned it's also beneficial to keep up to date with what's happening in the area your STR is located, and make sure the decision makers are aware of hosts and what they bring to the community.

Quote from @Roxanne Whitaker: Please be aware if you buy an investment property and do not live in MD, when you go to sell it you will pay an 8% tax at settlement. 

What are qualifying tips that we should be aware of? 

I also see you're newer to the BP community and this is your first post.

Are there other legal or financial consequences I should be aware of?

Be aware that 5 levels of membership can create divisions within the ownership group because the same investment at any point in time can behave differently for each class of investor, so motivations may not be aligned. 

You will want to consult with a lawyer.In regards to your last two questions here's some background on what makes a contract valid and enforceable:Offer: A promise to do or not do something within a certain time period Acceptance: A clear and direct statement that all terms and responsibilities are accepted Consideration: A legal and adequate inducement given in exchange for the promise Capacity: The parties to the contract must have the legal capacity and competency to contract Awareness: A party must be aware of the contract Legality: The contract must be legal in the jurisdiction it will be operating in***Not legal advice*** Steps I would take: -Review contract in detail to understand each counterparties responsibilities (if you are not aware)- Email a copy of the lease to each of the tenants listed on the lease and reiterate lease expectations for termination notice, rent payment etc. - If the lease was signed via Docusign (other esign may have same ability) - you can go to the envelope, go to history and view the IP addresses for each action taken.

The most concerning is that they allowed unsupervised showings on a vacant unit- something we were not aware of until serious theft had occurred.

Quote from @Martti Eckert: Hi Bigger Pockets community -I am interested in pursuing the BRRRR strategy in one of several Ohio markets this year.