It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

So now I have both my personal residence and a leased property as STRs.Even though I live 3 hours away from my leased STR property, I've built a team that assists with managing it, so I don't have to be there all the time.Here are some key things I've learned:Regulations: Research the specific STR regulations in the state and city where you're looking to buy.

I talked to Padsplit and they manage SFHs renting each room to different tenants - the total rent is more than renting it out to one household.

A great realtor can place a tenant for you and show you how to self management. 

Also would greatly appreciate recommendations for agents, lenders, and property managers in the OKC area as well. 

Your SEC attorney can help you with the details.Typically you would have one LLC that owns the properties and another LLC that acts as manager.

Highly recommend self-managing so you can take advantage of a cost segregation and the short term rental loop hole!

I try to manage mine at $100/month/door. 

@Juliann Morala Yep, a buyers agent that works exclusively with investors will have all the info you need and lots of options on contractors, lenders, attorneys, inspectors, property managers.