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Pro Tip: To be a great host, travel and take notes.

One of the most valuable resources to help you in successfully running a short term rental is travel experience. Make sure that you are staying in short term rentals when you go on your own vacations and take notes. Replicate the "best amenities" that you find in your own properties.

For example, we went on a trip to Seattle and stayed in a condo with our kids. The owner had a Keurig and it was stocked with coffee, tea, and hot chocolate. We didn't have to go searching for a coffee shop that first morning (huge for us as parents), and our kids were in heaven with the hot chocolate at night. We have since put a coffee bar in every house and we regularly receive comments about it. Little things make all the difference.

BONUS: TALK TO YOUR ACCOUNTANT. Some of your travel expenses may be deductible.

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