Invest in a good, basic lease once and then add paragraphs specific to the property being rented (do they need to care for a lawn or shovel a walk?).

Allowing a single room makes them more at home and they usually have a specific request. 

Buy and Hold: Norfolk (Best Cashflow Potential), VB (Townhomes tend to work well, Green Run is a great area for cashflow), Chesapeake, Newport News, Suffolk (Less Military presence which is why i would put last.)STR: VB (in the proper zones if you have the money $850K+), Norfolk(Ocean View area specifically but have to watch out for the AICUZ restrictions), Leave the restPart of that decision process is distance to that I would need to travel to deal with rehabs, I hate dealing with the tunnels so I would almost always pick places on the peninsula last since I am based in Chesapeake.

It has an option to charge a 1x fee after a specific date or a daily fee that accumulates. 

Now Triplexes and 4-plexes are allowed too.Happy to chat with you more in-depth specifically about your goals and how they tie into REI.

I don't have a specific answer because I don't have experience doing this yet.

What I'm trying to understanding better is creative financing, analyzing the surrounding markets, making connections, and many of the other industry-specific concepts that can really only be learned through real-life experience.The idea of REI came about between myself and my friends because one of them has access to a large amount of capital that he received from his parents as a gift.

I would also market the property on local Facebook groups, you may find that there is a specific group for STR owners in the area. 

This includes having team members that specialize in each specific part of the process, spotting macro trends quicker, and buying consumables, furniture, and other services in bulk.

I'm working on purchasing my first commercial building here in CO Springs (80909 specifically).