You may not feel the need when you own just 1-2 properties, but it may be more relevant if you plan to expand. 

@Diana Teng there are a LOT of potential pitfalls:(So, it's vitaly important to not just find someone that you think you can trust because they tell you what you want to hear, but you find someone that their processes seem a good fit for what you want.EXAMPLE: we do BRRR Turnkeys for clients and take numerous vides we share with them - initial, worst state of any demo, when HVAC, plumbing, electrical update BEFORE walled in, before any major payouts and of course a final walk-thru video.One thing that's accurate from all the HGTV renovation/flip shows is that you should expect and plan for surprises!

Step 3: Compare build plans / specs to decide what you want to build.

Quote from @Jacob Sherman: Quote from @Kiran Asknani: Hi  All I am new to STR game and am planning to start with investing in Boston area or nearby suburbs as I have spent last 10 years in Boston.

I’m planning to do this for 3 multifamily properties all located in MA, each ranging from 2 to 4 units.

I myself am in a similar position looking to acquire a secondary home in the Banner Elk and would plan on using as a STR and would love any input on your findings!!

Hi JoseOverall, your plan is viable, especially with significant equity and an unconventional financing option (WLI cash value).

This property cashflows very well now, so I do not plan to sell for quite some time. 

I plan on doing it sometime this week.

Am I ok with this plan to ride up the appreciation, mortgage pay down and rising rents?