The burn hurts the most when you don't expect it which is why you must never trust any tenant to do the right thing and always expect them to screw you.

I am speaking from personal experience, as well as from a number of investors that have been burned by the city's STR regulations. 

Kingston is hot right now, it's very important to have a basic understanding of things before you "go big" so you don't get burned, overpay or fail to have multiple exit strategies just in case the market drops, you have vacancy, you have evictions, you get the point..

Some real life examples from people I know ...burning a garage down to the ground, in a multi-family one guy robbing the other tenants/building/handymen, one guy getting arrested cause he was kicking his girlfriend in the face in the common area of an apartment building, squatters, drugs, stealing copper and electrical first time the house is vacant, not paying rent, evictions, homeless people sleeping in the lobby, smearing poop all over the house when they got evicted, flea infestation, sneaking bad aggressive dogs in...could go on but you get the picture.

Purchase price: $5,000 Cash invested: $40,000 My husband and I bought this old burned down 2 family home, and completely tore it down to the basement, and have been working to rebuild it with our own cash, incentives and rebates.

When we viewed the property and during our pre-closing walk through, there were scented candles burning.

They stack their calendar so you could burn a ton of time each time you go. 

Burning one parties car was the way one of the parties involved decided to handle the situation.Best part about the car fire was one of the parties forgot which car was owned by the tenant.

We’re less likely to burn-out.

It gives them a feeling of comfort and a place for you to point in case something burns out in that first year.