Hello, All.I'm a newly licensed agent and i'm trying to help a friend (also an agent) with one of their luxury listings (they got it from a family member).

Obviously, your rental income is lower than with vacation rentals but I assume that the prices you pay for a property is much lower given that 1) you are not on the beach and 2) you don't need to offer property of a quality/luxury level that can compete with hotels.

The most impressive building is the lodge, a massive 17,000-square-foot space designed by Glenn Marchbanks Jr. complete with a commercial kitchen, a dining room for 100 people, a 3,000-square-foot great room, and a 5,200-square-foot conference hall.

You'd get to $10K, then realize you want a fancier car / nicer house / luxury trips.  

Once you own a property, subsequent travel for acquisitions becomes tax-deductible.Deductible Travel ExpensesTransportationAirfare, train, bus, and car expensesTravel to and from the airport and lodging to business locationsLodgingOvernight stays required for sleep or restOther Expenses50% tax deduction for meals outside your tax homeDry cleaning, phone, tips, and other necessary business travel expensesNoteEntertainment is no longer tax-deductible under The Tax Cuts and Jobs Act.Mixing Personal and Business TravelWhen combining personal and business travel, some expenses may still be deductible if the trip is primarily for business.

San Antonio TX-Luxury Airbnb, listed for 1.2M. original offer of $925k rejected. settled at $950k.

Either build luxury single families or larger apartments.

I will be going to a new city and will not have this luxury so wanted to see what others had to say to ease my uncertainty or to validate why I am uncertain. 

I've developed much higher quality rental units (not luxury) and as a result, higher quality tenants.

Help those own a home even with bad credit, close more commercial & luxury homes than residential & not least, invest in some properties in Fl & Puerto Rico.