Purchase price: $215,000 Cash invested: $55,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.

Lot of great replies on here already - only thing that I would add to consider is getting a few outside opinions from realtors, other hosts, property managers, etc. about the medium to long term outlook for STR regulation in your specific area.

I would not especially if it’s a long term holdLastly if cash flow is negative they pitch in ?

If I could choose between earning $5,000/month from 10 doors, or from 5 doors, I would pick 5 doors all day long!

All I really want is someone who will help me draft the compliant OA and ensure other items are set properly.

The idea would be to sell the lots to pay down on the short term mortgage until the house got fixed entirely.

We focus on year leases and sometimes allow existing long term tenants to do shorter renewals if they're nearing the end of tenancy and moving or what not.   

Is it like long term hold and wait approach ?

That's an incredibly long time for a home to not move.

You are buying their terms and their contract along with the property.