I completely agree that luxury rentals need to offer more than just aesthetic appeal; they need to resonate with tenant expectations and justify the premium rents.

I would definitely go with a utility cap. 

But once I got the bills, I increased the rent with the tenant's approval and signed an addendum to the lease stating the rent increase would be X and the owner would take over utilities.

The PM change the electric utility to the PM's name.

hi all i am a new landlord and got my first rental property. tenants moved in in September and October. the first month was fine but when December hit it got extremely cold and the heating is electric. due to poor insulation in the home that we did not know about the heat has to be turned very high up to keep the home warm, however since everything is electric it is causing the electric bill to be $800. the utilities are the tenants responsibility. however because of this one of the tenants has been extremely non compliant with paying rent.

From what I can tell, the extra equity on the house could be utilized to provide better ROI.  

I have an accepted offer on a luxury cabin in the sierras.  

Like you, when I'm working with clients I highlight the key advantages of the conventional rehab loans (Fannie Mae's Homestyle and Freddie Mac's CHOICERenovation) are:- They can be used for investment properties- You can include luxury items- They have a higher limit – $806,500 in most places.Jeff

Utilize tools like BiggerPockets for resources and calculators, and consider creating a simple spreadsheet to track property details, budgets, and timelines.

Beyond the lessons from the projects themselves, building a business that’s efficient, diversified, and focused on the luxury market has been a game-changer.