Getting the proper permits is the only way to protect yourself and your asset long term.

Hi- Considering a lake house. What are the pros and cons of building from scratch for the purpose of STR? Has anyone done this? Thx

I originally posted this a year ago and I am happy to share the results in a comment on this post, but before I sway anyone's opinion I would love to hear your thoughts...So with that said, historically the industry accepted standard for underwriting a projected exit cap rate is the market stabilized cap rate plus a 10 bps for every year held.

But if I want to stick to my original knee jerk emotional reaction and take it a bit further, im sure there is some kind of fire hazard there. 

And you must not forget that WHEN (not if) there are bumps in the road the monthly distributions will be put on hold, you may be told to have to invest more (a "capital call"), or you may lose some or all of the principal originally invested.Spark's self-reported record is "two dozen or so" investments, 2 of those have had their distributions paused and one of the two had a capital call.

Bought a house, looking to rent it out in the next year or two and looking at short-term rentals.

Purchase price: $525,000 Sale price: $525,000 Project Overview: Duplex to Triplex Conversion for Long-Term RentalIn this real estate investment project, I assisted a client in purchasing a duplex and transforming it into a profitable triplex.

Yes, I am dually licensed to originate loans 

I currently have 3 short term rentals in the smokies.

I am referencing this post originally (https://www.biggerpockets.com/forums/311/topics/260825-inves...), but it is from 8 years ago.