Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

We will retain ownership of the majority of the fourplexes, and sell a certain percentage of the buildings.

They justify that price by saying "if you buy my house for $1.2M, I'll lease it back from you for 5 years at $7000 per month, and I'll be renting it out on airbnb"From the owners perspective, they are looking to sell their house for $500k+ over "market value" today, and then retain control to continue to profit off of the short term rental over the lease term.The buyer of these properties will get attractive cash flow flow the lease term, but what happens when the lease expires?

I’ve seen people start businesses and do the following before they even had the first customer sold: hire a HR person; set up a pension plan; purchase a $110,000 company car; complete a multi colored 5 year forecast with footnotes and 24 pages of explanations; pay a retainer to a CPA; created a full marketing plan without knowing the market; purchase equipment that wouldn’t be needed unless they reached $2 million in sales; and “organize” their files over 3 days.  

As in all things in life (like choosing a spouse)for instance, it's incumbent upon us to examine our individual personalities regarding whether a proposed partnership would be a good fit or a disaster in waiting.In 2007, when I lost more than $130,000 in the stock market,I learnt a permanent lesson that stuck with me till today.I discovered that I was a control freak.I needed to always know how my actions directly related to my results, and most often like to retain the ability to change my mind even if others would find such reversal a stupid idea.Seeing how much control I didn't have on how my stocks performed in 2008 despite all the information I had consumed for several months regarding value investing and how to analyze a company's fundamentals scarred me for life.It made a real estate investor out of me.The safety and assurance that I was taking sole responsibility for the calls i made and the risks I decided to take was a calming refuge.Having been a Pro-member on BiggerPockets for as long as I've been has its perks.It gives one a front row seat to see in slow motion the interesting evolution of the component parts that make up this mammoth industry.I watched in amusement as one member arrived as a total newbie in 2018 with a welcome post, voraciously consuming unsolicited counsel on the member forums for a few months and then posted a "success story" of his deals after 6 months.Within a year, he had his own podcast and is now buying large apartments as a syndicator pooling investors' money.To be clear, this is not a hate post.I certainly do not begrudge people "crushing it" in record time.Nonetheless, as a 'senior' member of this community who has seen this movie before,I do feel a lonely cautionary voice in the wilderness is needed at this point.We are in an environment of unprecedented cap rate compression and record low interest rates which is only headed in one direction after this is all over.Yes, make no mistake, the music will soon stop.That has very little to do with an upcoming election and is regardless of who wins the White House or who controls congress after November.If you've listened to Kevin Bupp and Rod Khleif, you know what happened to their portfolios in 2008.These were no amateurs, as a matter of fact, they had many years of investment experience when the music stopped.They both weathered the storm and came back stronger and that is why I remain a shameless fan of both men till today.Several others were not that lucky, and you will never hear their names.In this space today, there are investors and there are educators.The educators have taken over the habitat.That is why there are now more podcasts on real estate than I can get through in a working week.Real Estate education is so very lucrative now that it is possible to make way more money from podcasts and books than in actual real estate investment for some gifted marketers with smooth tongues and gifted content creators.We are in the information age after all, and youtube millionaires are now perhaps outpacing patient real estate buy and hold landlords in the passive income/ cash flow game.Belonging to a $25,000/year mastermind and attending a syndication bootcamp does not insulate anyone from catastrophe.

The buyer immediately takes possession of the property, often paying little or nothing down, while the seller retains the legal title to the property until the contract is fulfilled.

There are several active listings that can retain their active permits until the new rules take effect. - Rockaway Beach - As of now, most areas are still open for a reliable STR permit. 

You can build quick and cheap and they do... so how does your property retain value when you are constantly competing with new construction that can build for next to nothing?  

There are more than half a dozen articles a week like this: https://www.globest.com/2019/10/30/10-emerging-tech-cities-to-watch that can help you get an idea.I would have a theory about a place, spend some time on the ground, and then use your sense of tech and knowledge industries to know if the community can retain the growth.

Philadelphia is a tenant friendly city so I suggest retaining an experienced L/T attorney. 2.