I have purchased 3 STRs personally in the last 18 months and have closed on at least 25 for clients in the past 12 months.  

I sold my Temple property last year and it was good timing.

I purchased my first buy and hold SF rental property last year and turned the property into a student rental as it was very close to a local College.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Over the last 3 months, I’ve moved 4 of our 12 units over to a property manager.

I had a similar issue on my last deal and got another $25K off. 

Another might be a residential tenant whose child comes home from college and discovers black mold in her bedroom closet.Ideally, Tenant Estoppel Letters will be sent to them after the inspection and financing contingencies have been cleared and within the last week before closing.

Used PSI last year, they did a bad job, the snow wasn't even bad last year and with several attempts asking them to do better within the terms of the contract, they still sucked. 

We bought a single family up here last year and converted a garage to an ADU, which rented out really quickly to a great young couple.

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