You want to minimize upfront costs and paperwork while you learn the ropes of being a landlord.However, if you go this route, it is crucial to protect yourself with a strong umbrella insurance policy.

Beyond the fact you will have taxes, insurance and property maintenance to cover monthly. 

If retail replacement is $160/sq-ft, you need to be in it way lower to leave room for profit + commissions.4) Control construction timelinesEvery extra month = interest carry + taxes + insurance.

They have licensing and insurance costs.

Hey Philip,The Gulf Coast can be a great play for STR/MTR if you’re selective about location, insurance costs, and local regulations.

In a high-inflation environment, that can mean increases well below the rate of operating cost growth — insurance, taxes, maintenance — all of which have risen significantly in New England over the past three years.New construction with first occupancy within the last 10 years is exempt.

My PITI from my very low 2.8% mortgage, taxes, and insurance adds another $4300/mo. 

On the numbers side, Miami insurance costs have jumped significantly the last few years, and property management fees for STRs typically run 20-25%.

I knew what I was getting into with this market, and it has an extremely high insurance rate compared to other areas in the country.

We do have Commercial liability insurance policies.