I am in the process of purchasing my first STR in Pensacola Florida and I plan to list the property on AIRBNB & VRBO.

I put gas and electric on the budget plan to smooth out the usage trends and find that that works well for me.

Here are some considerations to help you decide how to proceed:Assess Your Financial Objectives: Ascertain your long-term financial goals and the role that real estate plays in your overall investment plan.

So, I bought a piece of land that I planned to build a new home on for me and my family.

I currently live in my 3bd 2bh SFH where I plan on renting out the other rooms.

Investing in real estate has always been a plan for me.

If you have to, interview a couple until you find one that you "click" with. 2) Let that agent connect you with their network of investor-friendly lenders. 3) Meet with these lenders, have them talk over your finances with you and what loan products you would qualify for at the moment based on your income and assets. 4) Let the outcome of that conversation (#3) dictate your strategy moving forward and take your findings back to the realtor so you can craft a plan. 

What is your short-term and long-term business plan?

I plan of tearing the home down and building a new home in its place.

.), but the plan will be the same for whatever we buy.