Or third party companies that do?

Howdy y'all. Wanted to stop in and say hello to the community. My wife and I are starting our property investment journey a little later in life (in our 40s), but we're committed to leaving the rat race and finding th...

Large dogs unleashed in the front yard, an occasional hoot and shout party, and so on. 

My wife spent hours on the phone with Buildium customer service and kept getting bounced around to different people, but eventually ended up on the phone with the 3rd party company Buildium uses to run their backgrounds.

When a tenant stops communicating, it's time to take action (worse for both parties to delay).

Right now, we've been discussing one party putting up the down payment, and the other party putting up the construction costs and splitting profits 50/50. 

Write an addendum to your existing lease adding the new tenant, and signed by all parties.  

I've also found it incredibly helpful to involve third-party vendors to assess any damage.

So as a buyer, you get no representation and the seller is still paying for it.On top of the legal issues, I have an ethical problem and feel I can represent opposing parties.

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.