Hi Marc - Aircover offers some protection for damages caused by guests, but it’s limited and doesn’t replace having dedicated STR insurance.

Hello @Peter Mckernan, These tips are very helpful and will definitely use them on future listings.

While they did try to get the lender to work with them, they don't want to replace the management company because they are part of the GP.

I did minor improvements to both of those, but unfortunately had to replace the roof on each (Flat roofs suck, lesson learned).

Certainly not impossible, but the multifamily market (especially for larger properties) is pretty active and below-market purchases, while possible, don't happen as often as they might in the smaller property space.Pro tip:  If you still like the idea of purchase cap rate, use stabilized yield on cost instead. 

Thank you@Brian Lubeck I believe you need to call the local DMV for where your trailers are located and go through the process for a replacement title.

I have a hard money lender established to cover 80% of the purchase and 100% of the rehab, so my capital partners would be covering:20% of the purchase priceRange of $30,000-$50,000 cost of capital25% of the renovation budget (to kickstart the project while waiting for reimbursements)$25,000 contingency padAny tips would be great, and if you happen to be interested yourself I can send you more details.

A couple more years and I'll be at the tipping point where I'm paying more to principal each month and then I'll REALLY take off.

This is not a great return, but not terrible.As others noted, there are other risks, like having the property insured at full replacement or purchase price, or if the option is 100% seller financing with no money down or very little, versus 20% traditional down payment, this can start to move it into a better investment.

For example we replaced a water heater recently.