It’s also important to be as specific as possible in the scope of work for each line item—clear details can save you from misunderstandings or unexpected costs later on.I specialize in consulting services for situations just like this, helping clients work confidently with contractors by bridging the knowledge gap.

However, forgive my curiosity - I'm really just trying to soak up as much knowledge as possible.

Reason: I signed a new job offer at a nonprofit yesterday and having extensive knowledge of the real-estate market in Philly would be very helpful.

Knowledge is power. 

Talk to someone more knowledgeable about what your trying to do.

Knowledge and skillset is a big part of this.

@Jay Hinrichs yes to my knowledge there are other states that changed regs.Off the top of my head.

However, short term rentals are much less passive than long term rentals and are essentially a hospitality business, which is in and of itself required a whole additional layer of knowledge and expertise.With regard to your question about private lenders, it’s important to draw a distinction in terminology between “private” and “hard money.”

Partnering with an experienced motel operator is a smart idea—it can help bridge the operational knowledge gap and mitigate risks.When evaluating motels, focus on metrics like occupancy rates, average daily rate (ADR), and revenue per available room (RevPAR).

This coming year set the goal of getting more committed to learn and expand my knowledge to avoid previous mistakes taken as well as to be able to effectively continue to expand my portfolio.I’m here to connect with others who are also passionate about real estate, and I’m eager to learn from your experiences, insights, and advice.