Penthouse specifications:Purchase price: $315,000315 square meters = 3390 square feetAverage price per square meter = $1,000Average price per square foot = $92.653 bedrooms4.5 bathrooms1 services room (for a housekeeper or nanny)1 patio, 1 balcony, and 1 rooftop terrace Annual property taxes = $1,650 per yearMonthly utilities are about $360 with short-term rentals, much higher than they are with long-term renters which typically average $180/monthAdministration (HOA) is about $310/monthCable+Internet package is $51/month, I pay for fast speeds for remote workers and digital nomadsAnnual insurance is approximately $300 for the year and provides complete umbrella coverage for over $500,000...it’s very cheapThe full-time housekeeper is $450/month and helps with all cleanings between reservationsThe maintenance guy is paid ad-hoc and as needed; I estimate only about $50/monthMy overall cost of ownership is low totaling about $1000/month.

Mine says tenants are responsible for "ordinary pest control" which means ants, flys, deer, rabbits, or whatever.I absolutely would not split the cost with them.

However, you may be able to deduct expenses related to the repair of the damage, such as labor and material costs, as an itemized deduction if they are considered to be ordinary and necessary expenses incurred in the course of trade or business or in producing income.It's always best to consult with a tax professional to ensure you're in compliance with the tax laws that apply to your specific case.

The most successful STR rentals are those that offer great amenities like a pool, hottub, games, and a nice outdoor patio space.

@Stephanie Cessna you can write off anything that is ordinary and necessary in the course of business that you are engaging in.

These initial investigatory costs are treated differently for flipping and rentals1) Flipping: the travel cost to investigate will be treated as a business cost and deducted as ordinary travel cost.

The question is, can you handle the interruptions to your ordinary schedule?

If this is due to an old sewer line and it happens through ordinary use, then you should pay for the maintenance as well as any cleanup required because of the backup.If it was caused by tenant neglect or abuse, then the Tenant should be held responsible.

We haven't personally had any section 8 tenants yet, but the people I know who do section 8 haven't had any problems out of the ordinary.

By relying on that assumption, hopefully you will take extra-ordinary steps to make sure that you have the maximum protection to avoid having that money disappear.