Account Closed Hi Rhonda, If honest I spent about $8,000, some say its a lot, (my parents did) some say its small when compared to many programs out there, either way I took a leap of faith and saw the potential it had for my future.  

@Alecia Loveless is correct--tenants need access 24/7 to their electric service panel, water and heat, assuming those are individual utilities for each unit. 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Also, just compare your listing with the competitor listings.

However, the best way to get a feel for rental rates compared to values is to review/underwrite properties in the area - only after reviewing/underwriting many will you begin to see a pattern.

With that in mind, you'd also have to make sure the land you'd buy has water and electric running to it already.

This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.

This has been well worth it compared to the 40+ hours I was previously spending doing this myself come tax prep time.

@Tom Rairdon If you’ve owned your short-term rental (STR) for over a year, it likely qualifies for long-term capital gains (LTCG) treatment, taxed at lower rates (0%-20%) compared to your 33% ordinary income bracket.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.