.🚀 Making It Work1️⃣ Optimize Your Space – Converting a living room or office into an extra bedroom can supercharge returns.2️⃣ Target the Right Tenants – Young professionals, digital nomads, and students love co-living setups.3️⃣ Automate the Management – Using systems for roommate screening, lease agreements, and shared expenses makes it passive.Co-living is gaining serious traction in house hacking circles, and I’d love to hear from others who are using this model.

-- sort of depends where you live and if you want to invest out of state / have the ability to manage a team remotely, the best out of state investors are very active in managing their teams.

One way to maximize your rental revenue is talking with Property Managers in your market to get a rental analysis to see if you are maximizing the amount of rent you are getting from each unit. 

Are you looking to have a team manage these properties? 

I'm with a third-party Property Management all over Houston managing a little over 300 Single-family or Small Multi-unit rentals!!

Also do research on what's required to properly manage a LLC so the veil cannot be pierced. 

Many of these homes in the midwest can be old, and have deferred maintenance and the management of these assets (ie. handling Detroit winters) is often where the deal is made or missed.

These all require applicants to submit an acceptable Letter of Explanation addressing each specific issue and occurrence.Rental HistoryBecause a current landlord may say anything to get rid of a bad tenant out of desperation, we also require information for the previous landlord of all applicants…Analyze IncomeMany landlords require a month of paystubs from applicants and just use these to calculate a monthly qualifying income…Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment…AssetsWe are one of the few management companies that requires a bank statement as part of our application process…Letter Of ExplanationAny time there are credit issues or we discover an inconsistency, we require a written letter of explanation (LOX)…UnderwritingTraditionally, landlords have only looked at the income of applicants…ApprovalOnce an applicant is approved, we require a nonrefundable Holding Fee to make sure they are serious…

That said, here is how I would proceed...For some background, I used to run an STR management company in SATX and we peaked at about 35 properties under management. 

Unfortunately, over the 11 months he has lived there, he has only managed to pay the rent on time once.