If I was going to only be able to wholesale this property, I would not have gotten this deal.I still love wholesaling and I do it all the time but these are three lessons that I definitely have learned that have added some water tools to my tool belt in order to be more effective in my business.We are looking for some passive partners who would be interested in getting involved in some of our rental and flip deals in New York from a passive perspective.

And also, i'd assume there's no financing involved? 

The deal is a COD with mutually beneficial T's and C's but this only holds if the commissions are not involved.

I have a bad habit of using that term with SBA loans as they don't always have real estate involved. 

The management fees for short term rentals are typically significantly higher because of the amount of work involved. 

You are correct, if this situation becomes more of a discussion we will have our lawyer involved more formally; laws are always changing and from all the articles we've read, this particular subject can be grey.  

The tenant would not be involved so-to-speak.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

In my mind, risk involves possible loss of principal, down-side involves the hassle of work that I will need to do to to protect investment.

Significantly better returns are required, since it involves packing up shop, setting up somewhere else, establishing new relationships, learning markets, laws and zoning rules, etc.