If you do outsource, some management companies will cover various things like cleaning, supplies, etc. so look into that as well. 

@Otis Clayton To partner in real estate effectively, establish a clear structure like an LLC for liability protection or a Joint Venture for single projects.

So, you have your choices of closed ended or open ended structures. 

The Deferred Sales Trust are typically structured for 10 years and then can be renewed for 10 years...every 10 years.

The issue I have seen with these types of properties is they could have two valuations - the value of the real estate which the structures will have little value and you have the land the other is as an operating business just like a bed and breakfast would have - real estate has value but it operates a business now you mention 12k / month but if someone also has to manage the property what is that worth and what would someone pay to manage a property like this?

I’m curious, what’s the most creative or unconventional strategy you’ve used to structure a BRRRR or Fix-and-Flip deal?

Here’s how it works:Population Decline or Stagnation: If the population is static or shrinking, the current housing supply meets demand, and property prices decline (in inflation-adjusted dollars).

Quote from @Emmanuel Montano: Quote from @Brody Veilleux: Quote from @Emmanuel Montano: Depending on your financing structure, as long as the lender allows it you can do it.

@Reeti PeshawariaIf it's a desirable place to be you can STR within structure of the current rules.

I do this as there is so many different ways persons choose to do such, so many different fee structures, so I keep it off and I tell clients UP FRONT to keep that in mind and add what is specific to there situation.