Hey @Julie Brangenberg - I have an AirBnB here in Chicago but never in specific college towns...I would tend to say that it's probably not the best location unless you have boots on the ground there.I could also see more damage being done in college towns, higher repairs maintenance, and shorter stays but that is honestly just a hypothesisIs there a specific reason you want to get into the STR space?

We learned the importance of precise budgeting, as the $35,619 renovation required careful oversight.

We learned the importance of precise budgeting, as the $67,150 renovation required careful oversight.

Finding motivated sellers who may not have advertised their properties yet might be facilitated by doing this.Buy, Rehab, Rent, Refinance, Repeat, or BRRRR: Look for homes that require work, make the necessary improvements, and then refinance to recover your initial investment.

For example, if it was a ten year lease starting in 2017, then you would need to honor it through 2027 - if there was also tenant options to renew then those also would need to be required to be honored.

Shawn - I would suggest you develop a pro forma based on the stabilized state of the property to understand if it cash flows once all units are occupied being sure to include all reasonable revenue assumptions (rents, vacancy factor, etc..) as well as expenses (debt payments, maintenance, utilities, property management, taxes, insurance, turnover costs, etc..)

I for one don't have the time or patience to worry about if they're milking the clock (although I pay hourly for most maintenance).

Mindset, daily discipline, refusal to give up, and having the life (healthy marriage, kids and self) you want is much more difficult in practice and often requires a teachers. :)Joe Fairless, Rod Khleif, Michael Blank (in no particular order).

QUESTION-if i where to pay off those credit cards in the next year or two, get my credit score to the required number and have the correct debt to income ratio.

@Heather Little short answer it depends.Longer answer: Section 469 requires that you meet both the 750 hours and more than 50% test (sounds like you are aware of this).