Does anyone have a good resource for some sort of turnaround plan or success plan they have put together as essentially a business plan for a multifamily property? I have my own template we use for clients that need u...

New to managing our STR that is 1/2 block from the beach. 

Those figures are based on market data and info I received from a property manager who toured the property.

I do manage some multi families where the owner manages some LTR units and we manage the STR, so that is definitely possible and not unusual at all, it is a hedge as they are different market segments.

Dear fellow members, I am confronted with a weird accusation that I haven’t seen in 15 years of managing student rentals.

Manage the Property: If renting, manage it effectively and maintain communication with the seller.Advice and Tips:- Educate Yourself: Understand legal and financial implications.- Build Trust: Establish rapport with the seller for ongoing communication.- Be Clear: Define all terms clearly in the agreement.Mistakes to Avoid:- Incomplete Due Diligence: Conduct thorough inspections and financial analysis.- Unclear Documentation: Ensure agreements are well-drafted to prevent misunderstandings.- Market Trends: Consider future market impacts on property value and income potential. 

If you want to self manage your properties THIS is the work you are CHOOSING to do.

Here's a very small pros and cons list I've made for the area:Pros:Potential for Appreciation: Rapid growth and development can lead to property value increases.Stable Rental Demand: Proximity to Raleigh and economic opportunities ensure a steady stream of potential renters.Desirable Location: Good schools, amenities, and quality of life attract families and professionals.Cons:Market Competition: Increased demand can lead to higher property prices and competition among buyers.Out-of-State Management: Managing a property remotely can be challenging without a trustworthy local team.Economic Dependence: The area’s growth is closely tied to the economic health of Raleigh and the Research Triangle.

@Henry Clark, not exactly applicable to your start of this post but in response to this last reply, do you think its better to build still than to buy existing?

The policy will change, but it's better to know you have your risk managed than not.