The goal is to ensure that the property remains viable even if circumstances change, like dealing with a non-paying tenant or a market downturn.

As a licensed real estate agent and contractor, I speak the language and can guide you through the process to ensure everything runs smoothly.

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

Interview a few PMs, ensure they align with your goals, and stay involved by reviewing monthly reports.

This ensures you focus your time and resources on deals that align with your goals.

The key is ensuring you are contributing more hours than anyone else involved.

. - Property type (single-family homes, duplexes, or small multifamily)- Min/max square footage or number of bedrooms and bathrooms- Desired cash flow or ROI metrics to ensure profitability- Property Condition (turnkey, light cosmetic fixes, or heavy rehab)- Neighborhood type (A/B-class areas for appreciation vs.

However, for major issues, STR insurance ensures you're fully covered.

Essentially, it was one account with the bank tracking individual tenant details on your behalf.That said, it’s critical to ensure your financial records remain accurate by reconciling the account on a monthly basis.

Ensure you understand local regulations regarding permits; it’s usually a good idea for your associates to form an LLC for liability protection, but individuals can do renovations as long as they pull the necessary permits.