I currently operate a Scottsdale STR in a non-HOA neighborhood and use a hybrid model of high-income monthly rentals in the winter, 3-night min rentals in the "shoulder" seasons and monthly in the summer when I break even and spend zero time managing the rental.Just be aware of what's happening so you can make decisions that are best for you.

The only thing I disagree with Jon about is there is no additional liability protection with this model because the LLC is not the owner of the property, merely the manager.You don't necessarily have to form an LLC to do this, Kelsey;  you could probably just do a DBA that has both your tax IDs associated with it. 

So, I actually agreed as long the tenant picked out the new model as i didn't want to pay for another toilet if the replacement was also too loud. 

Entity protection is like a matrix of risk vs cost based on your business model. 

If you don't have experience in choosing and managing contractors you might just end up with a hack job or worse with a half finished hack job and your money gone.Second, the financial model does not work on many sub 100k houses.

I do like the BRRR model and have done a couple since.  

I live in Boston and understand the out of state model (either my partner or I are on the ground in Cleveland every month).

The all-included advisory service and its high price tag are not common, but there are several firms, including mine, that operate on that model. 

Saving is good as it leads to investment but Dave Ramsey isn't a model you follow to acheive financial freedom or wealth.

Same neighborhood and same "model" built is ideal, but not always achievable.