Our market is very heavy tourists, so a lot of individually owned STR condos, but honestly I've personally have had more success in long-term rentals doing the BRRRR strategy with small multi-families and B-Class SFR's. 

Hey William, congrats on setting yourself up to jump in - Building a strong team is crucial for a successful BRRRR strategy.

BP has some great resources and in fact we have found it to offer far more in terms of tools and contacts than a course we paid WAY TOO MUCH for when we started out. 

Hi folks, this has been all over the news and social media so I hope it's not a surprise to anyone but I just wanted to cover all the bases.Due to legislation spearheaded by the RI attorney general earlier this year, there is a new RI rental registry in place that requires all rental unit owners (even short term rentals) to register every rental property and rental unit in the state of RI, by October 1, 2024.The website is www.rentalregistry.ri.gov and you will also need to upload a current lead certificate ("Certificate of Lead Conformance") for each rental unit.The demand is so high that lead inspectors are currently booked out into November and December, so I hope you already have lead paint certs for all your units.

EARLY MOVE-OUTTenant will be liable for a reletting charge of $2363 (85% of the monthly rent) if Tenant: (A) fail to move in, or fail to give written move-out notice; (B) move out without paying rent in full for the entire Lease term or renewal period; (C) move out at Landlord’s demand because of Tenant’s default; or (D) are judicially evicted.

Am I missing something or is long term rental the better option here?

Private money may cost you more in the end, but as long as you know the terms and are fine with it.  

The outcome was a successful and profitable transaction.

Hard to tell without knowing the place.Then you have to worry about changes to the regulations that could mean your place can't be rented short term.

I've done flips, long term rentals, and now I own and in house manage a short term rental in Michigan City.