@Anirudh Reddy you should NOT depend onthe cops to remove homeless people and squatters unless you verify the local laws and what the police will actually do.HOW are they getting access to the building?

My broker, a person who I trust as very knowledgeable has told me that rental arbitrage is against Air BNB rules which is something I have not yet run across and am unable to verify.

Hey pawaroon I'm almost in your identical situation.

Our general system is run the initial payout reports, verify all reservations from our reservations sheet, verify owner charges, fix any issues, issue final payout to owners.We only use 1 trust account and 1 operating account, with the same bank. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Work with a licensed GC (if this is your first fixer) If you have verifiable rehabs in the past 36 months that you have closed on you can rehab it yourself as long as its not a heavy rehab. 2.

I have 4 identical units of property where all the units need a little work to be on top. 3 units are occupied and 2 of them are paying way below market rent.

I would ONLY consider that though if they had a real plan in place to catch up and I would likely verify what they said. 2.

Then I had to call again to verify it was actually canceled.

Verify all information and don't be pressured into doing a deal with them.