Hi all,I have a few long-term rentals and am exploring a STR for the first time, and am seeking guidance / advice on my expected expenses (and ideally what i'm missing that i should factor into my calculations).

RE is related only to the extent that RE is the collateral, note investing is an area of finance.You don't need an MBA in finance, but you do need to understand the financial arena and mostly it's about laws relating to both finance and real estate.Doug, sorry I missed mentioning you.

U pay for them they deliver them you turn them in only to find out they are missing all sorts of information and not up to date for the new codes..

It was my first time stepping through the motions of a property auction and it was still a great learning experience, despite missing a technical deadline and not being able to bid on any properties.I am now in the process of closing on a FSBO listed duplex that's a better deal in comparison to most of the properties that sold in the area during the auction, so it all worked out in the end.

There seems to be information missing - why not get it from a traditional lender?

.🔴 Incomplete or disorganized documentation: Missing detailed plans, financial statements, or timelines could mean the borrower isn’t ready to execute the project successfully.🔴 Over-leveraged finances: Borrowers with excessive debt or insufficient personal capital invested in the deal could pose a greater risk of default.🔴 Questionable property comps: Overstated market values or inappropriate comparables may mean they’re inflating expectations.As always, thorough due diligence is your best protection.

The subtract off selling costs which will get you to near what you paid for the property (which will net you a small amount after paying off the loan and the missed payments).Before investing in next RE 1) get you finances in order 2) build up adequate reserves 3) learn to analyze the numbers better.  

I definitely don't make any money off the place, but the airbnb rentals pay for maintenance and my gas driving to and from WA :-) Question: Have any of you missed some either obvious or not so obvious red flags that would have caused you to negotiate or walk away from the deal and if so what were they?

It's certainly enough data to point you in the right direction.Otherwise, here's an article I published on the fastest growing economies in the nation, and many of these places are quite affordable and good places to start (Cincinnati, Columbus, Oklahoma City, etc).13 Real Estate Hot Spots You Won’t Want to Miss Next YearI hope my perspective helped.

New CPA time is a great time to reassess goals and opportunities and find out if you missed anything