In the meantime, we need to cover rate caps costs and resume renovations so that we are best positioned to maximize your potential return.

The units are already being leased before the Certificate of Occupancy (CO), and they come with one year of complimentary property management to maximize cash flow.

However, I recently stumbled upon an intriguing concept called PadSplit that allows you to leverage the multifamily concept within a single-family property, ultimately maximizing income potential.

Seasonal Strategies: Any tips for maximizing occupancy and revenue during off-peak seasons?

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

A dwelling unit does not include a unit in a hotel, motel, or other establishment in which more than 50% of the units are used on a transient basis.”)Benefits of a Cost Segregation StudyCapturing depreciation on STR property begins with a cost segregation strategy to maximize deductions.

Also need to focus on markets/communities that strike the balance of relatively low land cost, strong rental demand and include professional property management to strategically minimize vacancies and maximize rental income from day one.If you have more questions, feel free to reach out!

You would need to choose between what is more important.... owning the listing or owning a STR that is dominating the market it's located in, by maximizing the tools available to manage the property.

definitely pick a place where you can maximize your income, where you'll enjoy living or have strong ties, and where you can house hack.