that is odd..... but normally the owner does pay the HOA in Michigan - however, it could be negotiable so i would check with the landlord on that one. 

Great points, Jeff — and you’re right to highlight that the expense ratios are unusually efficient for a coastal STR.A couple of clarifications on the numbers:The current owner self-manages, which keeps cleaning and maintenance costs lower than a third-party STR manager would typically charge.Some of the repairs and CapEx were front-loaded in prior years (new flooring, appliances, and paint), so last year’s P&L reflects more of a stabilized-operations scenario.The utilities figure is accurate — it’s higher due to being master-metered for the property — but the other OPEX categories are slightly understated if you were to underwrite this as a fully managed, third-party operation.If I modeled it using a professional management assumption plus normalized reserves, the operating ratio trends closer to 48–50%, which aligns with what you mentioned for coastal STR multifamily.I appreciate you calling that out — it’s a great reminder of how much variance there can be between owner-operated and institutional-style expense reporting, especially in hybrid STR assets like this.Here's the owner's profit and loss statement for the exacts of the 2024 year.

But my kids are really into Tax Sales ~ but the best deals they get are using the tax sale list to contact owners . . . offering to clear / pay tax debt and give owner some $ for house ( so they can afford to move out. )This must all be done BEFORE the auction  If owner does nothing, and house sells at tax auction, then they get nothing ~ loose the house and the sheriff evicts them  This is all not easy ~ and the success rate is probably less than 1% . . . but they've got some amazing deals. 

Unfortunately, only 28% of owners successfully filed a protest. 

It’ll save you headaches and give you better reporting.References: Don't just check for google reviews but do quick check with couple of their current owners who can tell you a lot about how they handle day-to-day operations and money.I manage 400+ units and these are things that I try to be on top off and the rest are just services that can be added or deleted, but I believe the relationship with your PM is the key.

Here's the deal, new home builders have lots of inventory, sure they want to sell to owner occupants that are going to live there and get regular owner occupant mortgages like conventional, FHA and VA. 

First is the down payment, this varies but for your first time it can be sub 5% for a owner occupant loan.

Examples of general questions are local STR regulations, general expense expectations to run an STR, etc., expectations for the owner, etc.

Hmm...I have great reviews and my owners are very happy.Fees are only one part of the picture.

Any and all help is appreciated.It is scary to get into this without knowing if it would be a good investment, but I want to jump right in now as I have had analysis paralysis for almost 5 years.Thanks,Daksh Hi Daksh, realtor and short-term rental owner in the high desert here.