Currently, due to the rapidly increasing prices on the Cape, there is still a housing shortage for long term rentals, which also offer a nice "safety net" if your STR doesn't go as planned. 

STRA acts as a resource hub and advocacy platform, providing a plethora of resources, networking opportunities, and support services tailored to encourage best practices, regulatory compliance, and business growth in the short-term rental industry.HistoryThe Short Term Rental Association was established to address the unique challenges and needs prevalent in the rapidly expanding short-term rental industry.

I started off trying to scan every single receipt and save them with a naming convention for easier tracking.

Low cost, web-based, ability to contact tenants thru rentec, owner and tenant portals, & the ability to scan leases, receipts, etc into the program make it my favorite.

@Mia TrasoliniThere are actually tons of variables but I'm familiar with the areas you speak of since I'm a San Diegan / investor myself.Couple of points to consider1) If you're at a bottom of the real estate cycle - sketchy areas can improve rapidly, if you're near the top, the former sketchy areas are now gentrified.

This is due to increasing demand and decreasing supply, as shown in the charts below.Rentals - Availability by MonthThe number of homes for rent dropped rapidly in the last three months, showing decreasing supply.Rentals - Median Time to RentMedian time to rent dropped significantly since February, indicating increasing demand.Rentals - Months of SupplyJust one month of supply for our target rental property profile.

April was another very busy and rapid month when it comes to the Denver Metro real estate market goes.

In this case let's say a New Construction Townhome in a high desire, rapidly growing, great renting market.

It does take me a bit of time each month to calculate and scan and email the tenants copies of the bills, but has worked well and covers the building utilities (electric is separately metered).  

Scan of IDIn the case of self employment, student loans, or parental income, I ask for 2 months consecutive bank statements in lieu of the pay stubs.