Identifying a home on the MLS that already has four established bedrooms is the route that one would take, however, after closing on the deal, additional bedrooms would be added to the property.

Personally, I'd be nervous to not get some type of deposit from my guest because I like for them to have "skin in the game" 

You're going to want to establish a relationship.

The section continues, “… Bed and Breakfast establishments, boarding homes, dormitories or multiple units, or any other similar lodging arrangements are specifically prohibited.”Section 3 – Commercial Use – states, “…no part of a Lot or Dwelling shall be used or caused to be used or allowed or authorized in any way, directly or indirectly, for any business, commercial, manufacturing, mercantile, storing, vending, or other such nonresidential purposes…”.

For those of you who’ve been in the short-term rental game for a while, what’s one lesson you wish you’d learned sooner?

The other options you are playing with fire as using a HELOC that is paying interest is essentially buying with 100% financing.Having no skin in the game has always been a high risk strategy and people were able to get away with it the past few years due to the money supply and inflation but I would not use that as the measuring stick.

Quote from @Jay Hinrichs: my advice is to get some cash first.. dont be so focused on super high leverage. do seller finance first .. forget sub too until you are very well established and have ability to cash out the loans or refi on a moments notice @Don Konipol  Don gave you chapter a verse about the sub to risk/rewards.

Real estate is a numbers game, and patience is key.

Mentees need to step up their game and make the offer to those who can help them.

Give Memphis a look, tons of opportunity to do it yourself and turnkey providers that have been in the game for a long time.