I will tell you I did learn that my initial plan 20 years ago to offer discounts for multiple year leases was backwards.

What will you do if your initial strategy doesn’t work out?

We renovate our rentals so I'm not afraid to ask for high rent (at least initially). 

All in all the distributions were paid slightly lower than initially expected while the remaining is accrued. 

Beyond the initial savings, I consider the study's impact on my long-term hold strategy.

One last thing to consider is the initial cost in the area is about $216 per sq ft and 7,400 sq ft total about 1.6 Million. 

Many investors use non-bank debt initially, then refinance into cheaper long-term financing once the property is stabilized and their track record is established.If I had to give one actionable tip:optimize for deal flow and learning speed, not perfect financing on deal one.

I think the biggest challenge with STRs is the initial setup and development of systems. 10-15 hours a week is more than enough time to manage your STR once you have all your systems in place (think cleaners, guest messages, house turnover, pricing management, etc).

How are you currently communicating your requirements to initial inquiries?

I very much like the idea of discussing annual increases at the initial move in.