Having a solid team around you like agent, lender etc.

It sounds like you will breakeven which is better than carrying a negative cash flowing property for years.

Looks like you're in Maryland.

You could likely get a different insurance policy

I am concerned about the 5 yr PPP because I would like to refinance to a lower rate at least within 3 years.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

Those major cities that you mentioned are fantastic options and have TONS of potential tenants/students, but their barrier of entry is much higher than traditional "college towns" like Lubbock or College Station.

When analyzing a potential short-term rental (STR), especially with fluctuating rents and occupancy due to seasonality, you can break it down like this:Monthly Breakdown: Look at historical data for each month.

It looks like you do a favor to the tenants that way, you can make sure the light fixture is properly stored and the fan is properly installed, and you get to keep the fan, which I agree with Keven is seen as an upgrade to many tenants.

If you're planning to sell it and split the profits with the seller, it sounds like you would want a novation agreement.