Others are willing to take on less operational risk to work with a sponsor whose track record speaks for itself :)And then there are those operators with less operational risk who have excellent full cycle track records who do not charge exorbitant rates akin to highway robbery.

If the properties are in excellent condition they may be worth closer to the asking price... esp. if it means higher rent.I think the seller has just inflated the price to give them some wiggle room - certainly not the first time :D

I'd say that still stands in the better markets, but it's important to try to base your comps on deals that have traded in the past three months, especially in July/Aug/Sept, since those buyers and sales prices should be a real barometer of where pricing is at, since around May is when we slided into a slow-down. 

So now the market is correcting the prices are rising, the margins are narrowing and the winners in STR will be those who excel at management, marketing and value add.  

@Eliott Elias EXCELLENT advice !!!!!!!!!!

What I like about errand is that the rent collection has excellent reports something you will need desperately desperately if you get tenants that partial pay or late pay you'll need a way to add up everything they've paid monthly and then annually for taxes.

Value Add, Cash flow and excellent exit strategy How did you finance this deal?

Excellent work!

And done right will provide an excellent return.Easiest, least risk investing might include a REIT or now an ETF but they do not really offer any tax advantage.

I'm an out-of-state investor and was looking for recommendations on a good property management firm that provides excellent service to tenants and charges reasonable monthly fees.