Turnkey operators don't work like that and they are more like a broker collecting a fee for their work (regardless of the long-term performance).

Like many agents, my first deals were from long time family friends, specifically on the buy side (which is changing quickly now).

How long have you held the property?  

Some non-HOA neighborhoods can be sketchy/not ideal for short-term rentals.

Hello,I am looking at a mixed use property on Long Island (first floor retail plus 4 residential above) and would like to know when the most appropriate time is to ask for things like audited financial statements, tenant ledgers and/or anything I else I should be asking for? 

I anticipate that late fall and early winter could present some good opportunities for those looking to pick up short-term rentals (STRs).One thing to keep in mind, as with most markets right now, is that return on investment (ROI) isn’t going to be sky-high.

So absolutely viable if - like you mentioned you can get creative in terms of financing the deal.

Yes, your parents can take out a HELOC on their paid-off home to help fund your BRRRR, but it’s smart to have a contract in place to outline repayment terms and protect everyone involved.

@Ivana Ivanovic I would say 8% is low to cover both vacancy AND repairs.If you expect to incur just one month of rent lost every 12 months, you'd be looking at an 8.33% (1/12 of gross annual income) vacancy rate.And, even for a brand-new build, you're going to have some repair/maintenance costs as long as you've got human tenants.

Long-time reader, first time poster and investor.