Every time you want to underwrite, use a BRAND NEW copy of your underwriting model (hopefully you have a clean copy).

From the deals I've modeled out expenses in the 50% range (varies by market) is a standard guiding principle, variation (lower) from this typically means expenses are understated.   

My model X is grandfathered into the supercharger so those are totally free for me..

Last I talked to the broker, they are selling for nearly $420-425k for the specific model we went with. 

We’re buying our first rental property and planned to rent it out but we really think with its location and home style it would make a great Airbnb (even if we don’t do that now, we’d like to eventually).

One of my favorite things about them is the motivation it brings, being able to recognize that we're all investors in the same market-style makes it easier to keep going when things are tough.

Hi @Terri-Leigh Huleis,If the property was purchased with cash flow in mind, the easy decision would be maximizing that by transitioning over to the STR model.

Make sure your goals are in alignment with their business model. 

Our current pricing model allows for either lease fee discount or management fee discount possibly both starting at 5 properties.

And, these companies won't take your business if they know that the asset is too small to support payroll - they don't want to rediscover the wheel every time, hence, institutional.Now, if the property is small and cannot reasonably support institutional style of management, then you are left with the same people that manage single-family.