Assess if you have enough time for tasks like tenant screening and maintenance.Expertise: Professional managers know landlord-tenant laws and property maintenance best practices.Cost vs. benefit: Weigh management fees against potential savings and efficiencies professionals might offer.Property location: Distance from your home to the property matters.Number of units: More properties increase management complexity.Stress tolerance: Consider your comfort level with tenant interactions and problem-solving.Long-term goals: Professional management can free you to focus on expanding your real estate portfolio.

In the next part, we'll talk more about how to get along with sellers and negotiate, looking at how powerful good communication and using relationships to get good terms can be.

Are you all still investing in Colorado long term rentals?

Based on conversations, CRE could be a great option long term but I may be locked into a lower income in the short term and the potential for earnings are more dependent on my production in the residential space.

My partner and I now find ourselves in a strong financial position to start our RE investing journey and have set our sights in New England, specifically Rhode Island due to the excellent natural environment and our desire to ultimately relocate there long-term. 

Investment real estate is such a great way to build long-term wealth. 

Anyone have advice on general rules of thumb or ways to estimate operating cost for a short term rental new construction? 

The property is in an unrestricted HOA with a couple other vacation rentals but mostly season homes with some long term residences.

Holding Period: Short-term vs. long-term holding affects tax treatment.What challenges have you faced with taxes when flipping properties?

If you fail to do so and the insurer's ability to defend you is adversely impacted, your coverage may be affected.