if you are not one of them, Dave's model is a must.

I know if the previous owner is was foreclosed on had a mortgage then that mortgage survives with the property.

When markets change they have a massive nut to pay and start bleeding cash to stay afloat.I see this with large commercial brokerages when cycle sales is hot the champagne is flowing and companies can't hire on people fast enough then downturn happens and they have to merge with other companies to survive or go out of business all together. 

STRs are popular in this city as they create significant amounts of jobs and revenue.I am shocked that this model is not more popular around the country.

And yes, I feel down, and low 7 behold, I survived, got back on, fell again, got back up, fell again, over and over getting 1 tiny % better each time. 

I think we might graduate out of startup mode by the end of year 10.

I'm in research mode now to figure out if this is even a doable idea.

I deal with development opportunities where I can and synergies between local businesses.Then I have my operations manager who handles most of the day-to-day management of the properties, and they manage some of our contractors and managers.Our model is a little different than large parks because we have regional managers that cover multiple communities vs a single one.The pain point right now is mainly having consistently qualified contractors and filling vacant spaces as quickly as we can.

The guru has never seen nor have they survived a downturn.

What most fail to realize is the STR model is more of a business operation whereas a lender cares about the fundamentals of the real estate.