I have all my clients on QBO to track with different Classes for each property and use the Statements to confirm balances, which is usually copying prior month transactions and adjusting them if needed, then having the bank accounts sync in other transactions too. 

As I understand it, you can operate as a STR first, take the benefits, the transition to MTR later. 

It’s a healthy exercise for me to look back and question my evaluations with the benefit of hindsight, and I think it can also be useful to others. 

Most depreciation schedules are not being done correctly for STR and not catching the tax benefits available or are taking too much straight-line depreciation by putting them on 27.5 year schedules instead of 39 year depreciation schedules.

I personally think I could have a lot of interest in managing short-term rentals, and the tax benefit would help. 

I’d love to hear how you approached your very first deal.Hey Lilly, I think experience is extremely valuable, and you'll benefit more by starting to buy more deals earlier than saving up more.

If the numbers look weak even with adjustments, selling might make sense but before you sell, try the above tweaks to see if vacancy time and rent potential improves.

Get a property management system that is API connected (software connected) to both Airbnb and VRBO (and Google Vacation, booking.com, etc)That will become the mitochondria of the business. any update you make in the PMS will reflect in your listing for the other platforms (channel manager).Each of the booking platforms have different fees collected so you'll adjust the management fee in the system so that you get a similar payout.I use JURNY, a little known system that's I've used for 2 years to manage nearly 20 properties. but I love it because it connects to Autohost so I get automated leases sent out for signature (yes, even on Airbnb and VRBO) along with ID collection, SELFIE, credit card deposit and then the AI tool kicks in and detects for fraud. 

I’d also love to hear your thoughts on strategies or adjustments that could help push revenues beyond the current level.Thanks for your input!

You can start slightly above market and adjust based on demand.