Some of my Turnkey operator clients did the rental guarantee insurance and that company made it about 12 to 18 months before they folded as claims ran them out of money.. 

Meaning a King bed, 2 queens (or bunks in the smaller rooms) and 2 fold out queen sofa couches and I could sleep 10 guests.I'm trying to figure out what the right nightly price is to start off.  

I would encourage you to look at the dollars per square foot, that the other property sold for and compare it to your property’s dollars per square foot cost.Otherwise, my general feedback is two-fold… the signals we are getting from the Fed are that they are likely pausing rate hikes.  

"Know when to hold them or when to fold them"2.

Hire a competent investor friendly agent (one that also invests themselves) - their expertise will pay off ten-fold in helping you find the right investment property.

Tenants can make your life a living hell - treat them with dignity and respect and it’ll pay 10-fold.

The plan is that the space between the sleeping area and another living area will have a closet with bi-fold doors.  

The reason is two fold,  one, some PMs don't accept a major rehab and two you will end up paying around %10+ on top of the cost of the contractors to the PM to managing the rehab for you.

Fold it in half and put it in your pocket. 

However you can cut it a bit longer and fold the edges back on itself to minimize that issue.