Quote from @Carolyn McBride: I'm about to go into contract on a property I want to use as an STR.

Hey all, working through closing on my first investment property, a 4-unit househack in central Wisconsin priced around $400k. 

I want two things - I want help customizing a lease for my property.

Check local regulations.First, verify that your local zoning laws, HOA rules, or condo bylaws permit renting your property.2.

If go buy a property for STR, can I then unlock all the PALs from previous years for my LTRs? 

@Nicole CotrinoKey factors: Do you materially participate in managing the property?

That said it's been a great learning process and has been successful in the markets we've been in.Recently we purchased a 6 family property in Worcester Ma.

@Jon Martin You are right , if you don t know how to market a property and get direct reservations you should not attempt to co-host or triple net lease a property.You fail to mention that leases on a property can be as long as 30 years.Long leases are a way to give both property owners and management companies favorable terMs.

Purchase price: $190,000 1031 exchange property, hybrid STR/MTR, fully furnished

Congrats Brendon, what was the draw for you with the property?