I want to make sure Im prepared with the correct documentation to rent out my condo and would appreciate all opinions if im missing anything: - I have the rental application- I have my rental property agreement that I will have the renter sign and make copies of and provide them a copy.- I have the statement of condition that I will have the renter sign and make copies of and provide them a copy.- I will have them provide a copy of their tenants insurance for my records. - Will provide receipt for first and last months rent.- Im thinking of not charging security deposit because of all the strict MA laws and just using the last months rent as a sort of security deposit, thoughts?

Otherwise, is too hard to know for sure how much a property might cost to prepare for a STR.

This is a great learning lesson and I will be much more prepared/ educated to ensure this does not happen again.  

Prepare for battle.Step 2.

I’m also putting together my “dream” team and interviewing attorneys, title companies, lenders, real estate brokers, contractors and magicians so I’ll be fully prepared when the 100 postcards I send out to randomly selected people results in the 14 offers to sell their notes that represents the average 14% response rate to junk mailings. 

In fact, it would be a huge mess to apply it retroactively now, after half of 2023 tax returns have been prepared and filed.

(We pull data from AirDna, STR Insights, tourism data, Airbnb & VRBO, and travel industry reporting)As we prepare for this launch, I would love to get your feedback:- What additional information would make this report more useful for you?

This month, I added two new properties for this very reason: being local allows me to respond quickly if needed.Being prepared for any situation fosters trust with property owners.

What is the best way to prepare for that conversation?

Always try to double the project budget & time to prepare for the worst.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?