Off the top of my head, you are missing licenses, regulatory expenses, and payroll.

In Spain, the combination of taxation and regulatory exposure can quickly erode that gross return, so I tend to be cautious.Regarding squatting, I’m glad to hear your portfolio has barely been affected, though from my perspective even a single case can be a big hit if your strategy is focused on stable monthly income.

It is also important to note that the qualified intermediary industry has no licensing or regulatory capabilities. 

I think rents need to jump another 10%-20% in the next 2 years to make up for the increase in operating costs through property taxes, insurance, labor- plus added regulatory risk.You could get away with bad deals and operations when interest rates were 3%.

@Myrtle Mike Thompson: Is the product gap that anyone can create an STR directory, but the real challenge is that these listings need to be informed by the local codes, bylaws, and statutes that actually govern whether a property can legally function as a short-term rental.Without that regulatory layer, users could be misled into purchasing properties they can't legally operate as STRs.

Palm trees are wide body and cheap, I will plant a few of those and put a plaque on it in remembrance of the city arborist as a kind gesture.

Hi @Jeffrey Audije, It is especially important that you work with a qualified intermediary that has some form or regulatory oversight. 

You detail the WORST negatives for operating a hospitality business; a hostile regulatory environment. 

While this hybrid model may preserve liquidity in the TBA and UMBS markets, it could also introduce regulatory uncertainty.From a market perspective, encouraging competition between Fannie and Freddie may offer meaningful benefits.

Ideal for newer investors needing less CapEx risk.I totally get the instinct to go back to familiar territory, but your first OOS deal should be about stability, scalability, and setting the tone for everything that follows.Michigan might feel like home, but there are markets out there that are more investor-friendly, scalable, and growth-oriented, without the tax or regulatory headaches.Happy to always share more if you're exploring any of the above areas.