Quote from @Tyler Kesling: @Randall Alan- Totally valid points.

The total cost for this monthly for me is $1.00 fee for online payment for Sevier County, TN and the .73 cent stamp for Blount County, TN.

Seller is the Agent.Seller bought property in January of 2023 for $730,000Current “As Is” Value : $770,000Target Acquisition Price: $730,000-$780,000 After Repaired Value: $900,000Repair Estimate: $120,000Initial Offer Amount: $715,000Loan Program: Bank Statement Program.Total Estimated Monthly Payments (Principal, Interest, Taxes, and Insurance) $5500/month (based on $770k purchase price)Estimated Gross Yearly Income from Short Term Rental: $160,000 (65% Occupancy, $700 a night| (STR Listing Comparable properties Listing 1 Listing 2 Listing 3)Net Monthly Income after management and taxes: $11,751.25Net Monthly Income after Mortgage Payments: $6251.25 ($75,015) Per YearTotal Cash Investment: $297,000 ($177,000 in down payment and closing costs and $120,000 in repairs)Average Yearly Return on Investment: 25% yearlyAverage increase in property value per year: 5%Average increase in booking revenue per year 7.5%Property Value average after 10 years: $1.5 millionTotal Cash received over 10 years: $1.3 million.Total Equity multiple min over 10 years: 6x total return on $297,000 invested.

Every market in residential zoning has an expiration date, we just don't know what it is yet.The obvious solution is to buy in already regulated areas with tourist/commercial zoning.The returns are lower, but at least they can't go to zero overnight.

@Michael Whitman , it would totally depend on the company, but you make a great point.

I just don't want to come off as totally unreasonable and that the first leak could partially be paid by me.  

We're researching them now because we're building another one and the timing's better because the new cabin is obviously not furnished yet.I don't personally know anyone who's actually used Minoan but I hear about the company on various podcasts.

Obviously if I held all these properties long term I could continue to 1031 from property to property and indefinitely defer long term capital gains.

Total of 5 bedrooms and 3 units.

Totally agree , and when a home inspector looks at a house built over 100 years ago and writes a report based on current codes .