Almost everyone here on BP will tell you that they wish they had started earlier, myself included.4.

I am excited to engage with and learn from these people, including those in the BP community!

I have my core 4 team including an experienced broker, but what I do not have is the tried & true advice of investors who have done this before. 

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

That would include items being expensed under the De Minimis Safe Harbor. 

It's so important to have a great team behind the scenes of your STR. 

I've also filed my personal 2023 tax returns and have those available with the STR income included.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

For every project, create a thorough budget that includes the costs of purchases, renovations, carrying, and sales.

The reasons are 1- less competition in commercial2- greater property types lead to more opportunities for “value added”3- commercial net income projections include expense for property management, 1-4 unit residential usually do not4- greater “universe” of properties to buy allow higher minimum return standards Of course residential is MUCH easier to successfully deal in, and with reasonable leverage has small downside risk, so I 100% agree that most investors should stick with residential.