I am told that they did not have closets as they used to be taxed on rooms that had closets.  

(As AZ and your current state will fight over who gets to tax your gains with the federal government.)I have to throw most of the shade on your horrible tax guy/cpa who didn’t tell you renting it out was a $50-$100k mistake. 

Making the wrong hire, overlooking the risks, taking on too much debt.

They had exhibited the desire to pay down debt and had cashed out the parks before us that had agreed to owner finance.

If your bottom line numbers on tax returns and W2 income are not strong however, this will be an abrupt dead end.

best wishes  i dont do gap funding at all.. so no.. not something I would do we do JV deals every week but we have zero debt all cash and we control the process. 

So many variables can turn a deal sideways from 1 hour to the next - i.e. inspection findings, title issues, contracts, financing issues, taxes, dept. of buildings/local municipalities, etc.I'm glad to hear you made it through the challenges, and it sounds like you'll be able to leverage this experience as you grow your portfolio.All the best to you along your journey!

The only inconvenience is I have to pay booking.com a commission at the end of the month, and I have to remit the local taxes myself vs.

If they notice you have another house and your debt to income can't cover it.

Low property taxes (1.1%) and not a lot natural disasters as well.