The owner had no clue and didn’t initial the “liquidated damages” clause.

It reduces risk by lowering your leverage, and once one property is paid off, that cash flow can then help pay down others even quicker.A balanced approach might be to focus on acquiring a couple of properties initially while keeping some reserves, and then reassess based on how things are going.

Remedy after termination.If the rental agreement is terminated, the landlord may have a claim for possession and for rent and a separate claim for actual damages for breach of the rental agreement, reasonable attorney fees as provided in § 55.1-1245, and the cost of service of any notice under § 55.1-1245 or 55.1-1415 or process by a sheriff or private process server, which cost shall not exceed the amount authorized by § 55.1-1247, and such claims may be enforced, without limitation, by initiating an action for unlawful entry or detainer.

I have email auto-responders that provide info and links to our website, walk-thru videos and a short application form when someone makes an initial inquiry. 

My initial thought is to write it as an addendum with specifics of how many weeks a year, max duration, rent will be prorated that month, dates must be agreed upon with tenant at least 3 months in advance, etc Thoughts?

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

Initially, covering your mortgage is a reasonable goal.

Feel free to reach out if you have any projects or initiatives in mind. 

The general partner runs the show while still putting down an initial amount of equity.

I used the contact us page to try to get in touch with BP support and initially got a response but haven’t heard back in 2 weeks now despite sending 4 follow up emails.