From the Wyo Stays team. Educational information, not financial advice.
The purchase price isn't the whole cost of getting into an STR. Surprises here blow up your cash-on-cash math. This checklist captures everything between "offer accepted" and "first guest," so your numbers are honest.
At closing
- ☐ Down payment
- ☐ Loan origination / points / lender fees
- ☐ Appraisal & credit fees
- ☐ Title insurance & settlement/escrow fees
- ☐ Recording fees & transfer taxes (as applicable)
- ☐ Prepaid property taxes & insurance (escrow setup)
- ☐ Home inspection (and any specialty: septic/well, roof, radon)
- ☐ Attorney fees (if used)
Right after closing — getting it rentable
- ☐ Furniture, mattresses, and décor
- ☐ Kitchen goods, linens, towels (to par)
- ☐ Smart lock, wifi setup, smart thermostat
- ☐ Professional photography
- ☐ Any immediate repairs / safety items (detectors, extinguishers)
- ☐ Hot tub service / setup (if applicable)
- ☐ Initial supplies stock
First-year setup & compliance
- ☐ Commercial STR insurance (first premium)
- ☐ Business license / entity setup (if using an LLC)
- ☐ WY sales/use tax registration
- ☐ Listing setup / any channel fees
The reserve line (don't skip)
- ☐ A cash reserve for the unexpected — the water heater that fails in month two
Why this matters
Add furnishing + setup + closing costs to your total cash invested, then recompute cash-on-cash. A deal that looked great on price often looks merely good once setup is honest — and that's the number that matters.
→ Unlock the fillable cost worksheet, or → get a free buyer's evaluation — we'll build the full number with you.