Work hand-in-hand with your broker and leasing agent to confirm what market rates are doing compared to what is being paid currently.

Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.

My strength admittedly is on the administrative tasks.For those who are opposite of me, who struggle with the administrative side, would you consider a B2B relationship with a service that takes all of the tasks off of your hands, and if so what would you be willing to pay (% or flat fee).To be clear, what would be offered would be:- Listing on 15+ channels including Marriott Homes and Villas, Abnb, VRBO/, Booking.com, Zillow, coming soon Amex Travel and Hyatt, Jetblue and Allegiant Airlines, and more.- Pricing software w/ live revenue manager- Smart Lock software- 24/7 Guest Communication via platform, voice, text, email.- 24/7 Communication with owner or PM staff for maintenance or cleaning issues. 

He knows the area like the back of his hand is very helpful here on BP.

What's your best piece of advice or tip when starting out managing a STR?

I would like to be hands off as much as possible.First post on here, so go easy on me please :P

This means the cost would generally be capitalized and depreciated over time, rather than deducted immediately as an expense.On the other hand, if you were simply repairing the existing refrigerator to maintain its normal operation, that would likely be considered an operating expense.

This is an exciting start of life-long journey I'm pursuing in real estate.

Get first hand information:) 

As people started chasing yield, these prices rose too high in comparison to better vintage assets.It comes down to price, and your pro forma reflecting lower rents for these units.