Confirm the intended use
Write down whether the plan is short-term rental, long-term rental, second home, personal use with occasional rental or resale. Different plans trigger different questions.
Collect governing documents
Request association documents, budgets, reserves, assessments, leasing rules, permits, registrations and property records relevant to the address.
Inspect the physical asset
Coordinate appropriate inspections and review roof, openings, moisture, systems, maintenance history and future replacement needs.
Build conservative scenarios
Use multiple occupancy and cost cases, include reserves, and keep financing separate from net operating income.