It’s a rural area with a huge shortage of housing, regular and student, with a surge in enrollment numbers over the last 5 years.

My regular agent won't insure it for renovations or being vacant for that long.

When the courts finally hear of the debtors plan, 9 - 12 months after initial BK filing, the debtor claims subject property is worth less than the amount owed.  

Louisiana is also a very landlord friendly state and that doesn't hurt either.I have been looking at the rental data in New Orleans lately and it seems like there may be a surplus of rentals available, most likely due to the STR rules causing people to switch to regular long-term rentals.

One false move on your part could jeopardize your entire claim and expose you to potential liability.

You are likely to appreciate, but you never know what will happen with the area as a short-term location so your hedge is on cash flow and maybe slower appreciation than regular single-family residential homes.

But if you can't claim loss (as you might not qualify) under that, you can carry it forward and deduct it in the future against your rental income.To deduct expenses, there is no requirement to create LLC and all.

Showing a profit is just a slight concern because it just adds to our regular tax burden from our day jobs.

Yeah they will spend thousands of dollars to fight $1000 claim.

But claim they live 2 hours away and won't be present to show it.If we want to move forward, then he will quit claim deed it over at the courthouse.