Pulled this together for a RE Investor meet up on how "today's tech stack" is breaking down historical concerns of STRs being a time-suck for RE Investors when looking at either purchasing properties for STR deployment or evaluating assets for STR usage vs other strategies.

Income Late fee Gross rent Expenses Advertising Cleaning Gardening/lawn mowing Insurance Interest on loan(s) property tax Legal expenses Pest control Property agent fees/commission Repairs and maintenance Water charges Electric Bill Total expenses Net rental income or (loss)

I think Chris makes a good point of determining the strategy - performing 1st position notes is always a safe "dipping toes in the water" type of note to go with. 

You may have water traveling down the bedroom wall, then across the dining room ceiling to the lowest spot which happens to be there.

Unfortunately, you said some magic words that chum's the waters so que the "please contact me PLEASE CONTACT ME" replies vs actually answering to what you posted...... 

The big deals will be vacancy, capex and appliances. (3 water heaters, stoves, fridges, microwaves?

IE at the time if you built on all the hundreds of thousands of lots there you would have perpetual grid lock not to mention water quality etc etc.

The pipes have to be dewinterized so I would have a plumbing professional there prior and when the water gets turned back on just in case.

Year 2 had some large expenses, including some CapEx items (water heater, roof).

Costs have escalated sharply, water up 25%, electric up 30% and natural gas up 33%, and at one property insurance went up 400%.