So I am new to the Real Estate world but I took the first (and biggest) step and am under contract for my first STR closing early November!

Given that you know the financials it seems a though your biggest question is around the cap rate in your area.

One of the biggest benefits to employing your kids if under 17 is that  there are no payroll taxes due as long as they're being paid by the parents, a parent owned 1065, or a parent's SMLLC.

The biggest horror stories I hear are from investors with 1 Unit and their tenant falls apart and so does the investment.

I have a lender who will throw in an appraisal incentive if the loan amount is over $750k. 

Additionally it is close enough to the city that most people work in the city and commute.No matter what getting one under your belt is the biggest step forward you can take.

I think biggest things are clear communication, and understanding your goals completely.

Floating neutral or floating ground is an electrocution hazard and could cause other power issues.My biggest concern is that these power problems are the signs of a serious safety and fire hazard. 

I imagine your biggest hurdle will be with labor.

But here are my biggest questions.1st.