The STR Acquisition Evidence Room: What to Verify Before an Offer

Build the file around the property

Create folders for legal use, seller financials, physical condition, financing, insurance, and transition. Name every document with its source and date. Keep an unresolved-items register with an owner, deadline, and the decision that depends on it. A property with ten attractive features can still fail because one necessary approval cannot transfer.

Reconcile revenue before trusting a forecast

Ask for booking exports, payout statements, cancellation history, owner stays, and monthly operating statements. Compare booked revenue with money received. Identify cleaning charges, taxes, refunds, and platform fees so gross revenue is not confused with distributable cash. Separate actual performance from a forecast for a different management or design strategy.

Turn uncertainty into contract decisions

Match each open issue to a specific diligence deadline and professional review. Ask counsel how the contract handles an unavailable permit, an insurance exclusion, or a material inspection finding. Do not rely on a seller promise when the purchase decision requires written confirmation from the responsible authority or provider.

Keep an investment decision memo

Summarize all-in cash, stabilized expenses, debt service, reserves, and the downside case. State which assumptions are verified, estimated, or unresolved. Record the maximum price and the reason to walk away. This makes the final decision consistent even when a deadline or competing buyer creates pressure.

Action checklist

• Obtain address-specific permission and association documents
• Reconcile monthly revenue with payouts
• Collect independent insurance and lender terms
• Price inspection repairs and launch costs
• Assign every unresolved fact before a contract deadline

Does a current Airbnb listing prove future rental permission?

No. Confirm the rules for the address, buyer, intended use, and any permit transfer. Past operation alone is insufficient.