5-year prepay often has the sharpest pricing, but, 3-years can often be a nominal trade off or happy medium.

Quote from @Makan A Tabrizi: Quote from @Bruce Woodruff: Quote from @Makan A Tabrizi: I'm renovating a studio apartment with limited space.

The "Initial Filing" is extremely important to get this right the 1st time as there are limited safe harbors for mistakes to avoid the penalties.

The town of Shandaken has some pretty strict rules regarding STRs, requiring a "absent owner" STR to be owned for a year before it can be used as an STR, and also limiting the number of STRs to 100 properties.

If the value of the furnishings exceed the limit for felony charge vs petty theft you should definitely go up the chain of command.

However, be prepared for limited inventory, higher competition, and possible compromises.

Still, from what I can tell, there’s limited information on whether it syncs with AppFolio, which is a must for me since my property manager uses it.

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Excluding the periods of “tulip bulb” irrational exuberance, a property must produce enough of a risk adjusted return to satisfy both the ROI demands of the “limited partners”, and the income/time requirements of the sponsor.  

For deals I do, I try to write in under the inspection section in the purchase agreement, “any and all recommend by home inspector including but not limited to inspections checked no above.”