I just purchased a rental property that is currently set up as an air bnb. I will be hiring a prop management company as this property is out of state but I’d like to educate myself a bit more on the process and how to make this property even more successful. Any recommendations?
I agree with @Paul Sandhu.. Both that his posts will scare you away and that I am convinced the best information about how to find, buy, and operate a STR is here on the BP Forums. Also, it is clear who the experts are in the field by seeing who is answering all our questions on these forums so you should reach out to them! Good luck in the STR game, it is not for the faint of heart!
Unless you are dead set on getting a management company, I believe this Short-Term forum reads like a great book in itself and can show you some very simple ways to self-manage even at a distance. Most on here self-manage and some properties are far from the owners. Mine are 4.5 hours away and self-managing is very doable.
Forums are most timely and specific. But they are not ideal for a high-level "here's everything in 200 pages." Books are good for that. Here's two I think have value:
Daniel Rusteen's book is good for, well, as his title says, maximizing your listing. Not a great purchase strategy book.
Christine Hrib Karpinski's "How to Rent Vacation properties by owner" is encyclopedic, but even "third edition" is pretty old.
I'd say dive into both forms and books. They're different. Like you, I"ve had mixed results with using the search options.
@Joseph Bafia some people, IRA and Solo 401k are not able to self manage due to UBTI taxation. Thus, finding an experienced, trustworthy leasee and creating a lease that optimizes ROI is paramount.