Our Standards
How We Underwrite, Disclose, and Stay Accountable.
The discipline behind every deal we present — and the risks we surface before you ever sign.
Accountability
What Happens When a Property Underperforms.
Underperformance isn't a possibility — it's a certainty at some point. Here is exactly what we do when it happens.
On-Track
Performance within range of underwriting
Standard monthly reporting. Quarterly call available.
Watch
Material variance from underwriting
Diagnostic memo within 14 days. Pricing strategy review, listing audit, comp re-analysis. Owner call within 30 days.
Material Underperformance
Sustained variance below plan
Written remediation plan within 30 days covering pricing, positioning, capex, or exit scenarios. We share the burden until performance is restored.
Risk Disclosure
What Can Go Wrong.
Real risks, written plainly. If any of these surprise you on the first call, we haven't done our job.
STR Regulation
Local regulation is the single biggest external risk. Markets we operate in have been stable, but cities can and do change rules — caps, permits, density limits. We track this in every market and disclose any pending legislation we're aware of when presenting a deal. We will not pursue properties in markets actively considering moratoria.
Interest Rate Sensitivity
We underwrite at the actual rate available to you at the time of offer — not a forward assumption. Every deal includes a sensitivity table showing cash flow at +1% and +2% rate movements. We will not present a deal that goes negative under a +1% rate shock without flagging it explicitly.
Insurance
Insurance costs in coastal and mountain markets have risen materially for several consecutive years. We obtain a binding quote (not an estimate) before presenting any coastal property and rebuild underwriting around the actual number.
Demand Volatility
Short-term rental demand is more volatile than long-term. A recession, an extreme weather year, or a competitor adding inventory in your submarket all impact revenue. Our underwriting assumes occupancy well below comp-set median to absorb this.
Liquidity
Real estate is not liquid. A typical sale takes 90-180 days. If you need access to capital in under 6 months, STR investment is the wrong vehicle. We say this on the first call, not the last.
Operator Risk (Us)
We are a small team. We carry E&O insurance and maintain documented SOPs so any qualified operator can step in within 30 days if needed.
Our Line in the Sand
Things We Will Not Do.
- ✕Project returns we can't defend with comparable sold properties
- ✕Use 'top of market' rates in base-case projections
- ✕Take referral fees or undisclosed compensation from service providers
- ✕Pursue properties in markets with pending STR moratoria
- ✕Sign a deal where the underwriting requires rates to drop to work
- ✕Hide problems in monthly reporting — issues get a phone call, not a footnote
Founding Partners
Preferred Terms for Our First Three Investors.
We're building deliberately. Our first three investor partners receive Founding Partner terms — discussed privately on the fit call. Closes after the third deal funds.