If you are looking to build quick capital and another full-time job, then flipping may be the answer...if you are looking for a slightly more passive approach and looking to build that long-term wealth, buy&hold'ing is maybe a better strategy.I've found introspecting on where I want to go long-term has helped clarify my short-term path...The beautiful part is Chicago offers all options at affordable prices general speaking compared to other metro areas.

They now self perform all of their construction (along with offering 3rd party construction management services).

Calls like:"Unit 1 had tons of people over every weekend for parties and clearly uses way more water than us.""

Quote from @Chinku Prasad: First, you can contact your insurance provider to see if they will cover the damages and then pursue compensation from the other party. 

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

A lot of people are just getting in today and the kickoff party is this evening. 

3rd party firm?

- Do you have an in-house maintenance team or do you use third-party vendors?

Hi Robert,When partnering with someone, the terms should often depend on what each party is contributing, whether it’s money, time, or expertise.

But on the other hand real estate trends change so slowly, especially migration trends.I agree in large part. I