The past few years have shown us that relying on historical data without adjusting for current and projected trends can lead to significant shortfalls in underwriting.

If you do calculate make sure you add a adjustment after you file the tax return if needed.Can you do budgets, forecast? 

In that case, a premium can help discourage back-to-back bookings or at least bring in more revenue that could help with operational costs....While a premiumcan be put in place so that adjacent days are less attractive to guests, there's no guarantee that guests won't book these days, and your regular listing maximum price will still be in effect (though that can be adjusted with Date Specific Overrides).

I'd love to hear about your experiences and see whether my expectations just needs to be adjusted.

They were quick to pay when repairs had to be done and their in-house adjusters were on point.  

Just because you don't make any money on them, doesn't mean you aren't responsible, along with the source of the actual plans, for any mistakes in the plans, or even any mistakes in construction from lack of info, misunderstanding, or just plain stupidity of the builder/user of the plans.The licensing agreement will have guidance on having plans adjusted for local code, reviewed by architect/engineer etc. 

I would not recommend BRRR until you have lived here a while and adjusted to life here and  made some connections while paying attention to what the market is doing, what is considered a good location and where the gaps are.

we have a primary fixed loan plus an adjustable heloc.

I had an appraisal for 1.45M back in 2022, before we put the pool in... obviously the market has adjusted since then... 

We will occasionally adjust down the cleaning payment to offset the cost of our inspector if they find deficiencies in quality and need to spend time improving things before the next guest.