• Purchased directly from a mom-and-pop operator off-market• Secured $1M credit union loan and raised $500K equity to close• Existing owner had inflated expenses and below market rents• In-place rents approximately 30% under market at purchase• Expense ratio at least 10% above the norm How did you find this deal and how did you negotiate it?

If you evict, you'll bear the costs of the eviction, plus the turnover/vacancy and on average have the same situation as it sounds like you have a typical tenant in terms of payment.

I agree with @Wyatt Wolff that if you systemize it you could run it yourself but getting that in place with a 70 hour per week job could be tough and not worth the added stress if you're able to pay a PM to do it and still make a good profit.It seems like you have but definitely would check out Furnished Finder and Airbnb/VRBO for 30+ days stays to see the competition/average pricing,

You report your total revenue from all sources and then deduct your cleaning expenses for income tax reporting.

During the pandemic we pivoted to a much longer average stay and having the maid come twice a month was a great way to check in on the guest without them feeling intruded upon and adding value to their stay. 

They use 20 year old averages. 

If your occupancy is too high, you are too cheap and if your occ is too low, you are too expensive. 

The community has great UTV trails, so bought a Mule (not that expensive and built like a tank) to enjoy the trails.

The entry-level Quickbooks Online software itself is expensive $250/yr... that's not even adding up potential books/courses, CPA fees or personal tax filing software like Turbo Tax.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.