After 25 years in the bed and breakfast industry living amongst my guests I found that setting expectations and ground rules can be a game changer in keeping the harmonious relationship between you and your tenants.

Here is my situation:- I'm a W2 employee that earns north of $500k a year- My wife is a stay-at-home-spouse- I'm looking to buy ~ $1,000,000 in STR Real Estate by the end of the year (as an investment and to offset my tax bill)I'm fairly well versed in the rules surrounding using STR to offset active income.

All things we've pushed over the years.

My criteria was similar to yours when I bought a few years ago.

Cash flow is solid, tenants just signed on for a second year after I increased rent 100 a month.I'm looking to use this as a platform for more investments but am having trouble figuring out how to finance other deals in the area.

If you want specific advice, things that would be important would be some background on the sponsor (years in business, portfolio size, you don't have to name names), where the property is (city), what it was bought for and when, how much was the loan and when does the loan mature, how much equity was raised, was there any preferred equity or multiple share classes, what is the occupancy, is the sponsor responsive to your communications and providing reports, and so on.

One thing that I look at is the sales history of the property. 

., not allowed on townhomes or condos, must be primary residence for 1 year).

There is a 1 year redemption period where the owner can pay their taxes.

As a father and a real estate investor, one of the most fulfilling experiences I've had is guiding my 16-year-old son into the world of real estate investing.