It's a good practice to overestimate costs and underestimate after-repair values (ARV) to keep your expectations realistic.

Cash flow in the triangle takes creativity, just want to set that expectation with you.

You can talk to him / his team in the monthly meeting but they're on an agenda so don't expect to much one-on-one type support there.  

During the peak season you have to make your money when the slow season is so much less.I do have events where the prices are expected to be high due to supply and demand.I do see some of the dynamic pricing days as being rediculous and your going to miss out on the early bookers looking for a fair price.

You can expect to pay for either.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

So, my first caution is it would be healthy not to expect similar results on certain real property investments/deals in the current and near future cycles.That said, there are multiple considerations and clarity needed, before I would act on any investments with your equity.

I would like to think in a way that investment in general, and the real estate investment, start with a solid economic reason - "Why do you Invest, where you invested".To elaborate on below - Vegas is a great example where no real economic driver exists and when you invest there, you should be aware that is a highly volatile market (side note: i both 2 properties there in 2011 and 2012 and i sold both this year) and you should pay an extra attention and be prepare to reposition capital.It's clear, if you invest in Vegas or Orlando (just 2x entertainment cities) you will expect ups and downs and you need to position yourself with extra reserves and extra caution if you are planning to stay in these market for long term. 

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

I tried calculating value based on NOI and cap rate (see below) but I'm new to this and the value seems to come out lower than I would expect.