We also require that we be added to the contractor's insurance as Additionally Insured, so we're covered if they cause damage or liability issue.3) If the property is occupied:- One of our people MUST accompany their person (and we charge for this). --- We were sued many years ago, along with the owner, because tenant claimed owner's contractor sexually assaulted them!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

For example, if you are buying in an area that is in are 1980s and above, you might run into a roof that is tile and the paper under the tile needs to be replaced the day you close.

We like the short-term rental idea because we could stay at the property ourselves when we want - summer break, spring/winter breaks, etc.Our budget will be right around $1M or less ideally, and we would like a short distance to the ocean.How likely is it that we could find a property as described above and have it cover or come close to covering the mortgage? 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Our cleaning fee covers professional clean, laundry service, and consumables. 

You would need to tap into what the market may draw because not all markets could support this type of guest avatar.You may be able to get just enough bookings to at least cover your monthly expenses by leaning into your listing and how you market the property.

I would focus on saving enough money that if I had a deal go bad, then that money I saved was there to cover it. 

It's all about risk in the event of a lawsuit, which can also usually be covered by insurance.- If you decide to have an LLC for each property, creating a Management LLC that all the other LLCs "hire" to run their books, will allow you to only require a bank accont for the Management LLC.2) You may not be able to do a Trust.

There is loans that cover the purchase and rehab so you could explore that.