And I like how you tied it back to the neighborhood details — schools, crime, neighbors, resale — because on paper a deal can look great, but if the area isn’t solid, the numbers won’t hold up.As someone just starting out, this reinforces that I need to be just as careful about who I hire and where I buy as I am about running the math on a property.Appreciate you sharing this — it’s exactly the kind of perspective I need right now. 

Most policies have liability coverage for exactly this type of situation.5.

here's mine.i don't think it's "too good to be true," exactly, it's just that not every STR can be a top performing STR. 

In our experience, the #1 mistake owners make is ASSUMING all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY.

If you don’t believe in BiggerPockets message or mission then what are you doing here on the forums exactly??  

@Andrew TrevinoWe’re a Property Management Company (PMC) and we’ve seen owners make the same mistakes, over & over again when looking to hire a PMC.In our experience, the #1 mistake owners make is ASSUMING all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY.

No kidding if there is no Trust deed or mortgage these are simply unsecured prom notes. and to collect on those you need to first file a lawsuit  second get the judgement  third try to collect on said judgement.. sounds to be these borrowers may have set this person up and they fell for it. 

I’ll keep that in mind as I work through setting up the proper channels and foundation of this new venture. 

I'm following this for more comments. this is how most HML that are large are set up with thier guidance lines.. pretty common set up on the arrange of the collateral etc etc.

For me, it’s easier to make up the difference by having a fuller calendar rather than playing around with exact fee offsets.I’d rather price competitively so I stay attractive in search results and let volume carry the revenue.