I only recommend this route if you are looking up a lot of properties regularly. 

Poking fun (bashing them seems a little harsh wording) of their claim really is not overtly harsh.  

If the house takes longer to sell, we aren't losing money every month on interest payments and can hold for the right sell price.Cons:We lose our regular stable monthly income and have to rebuild again (we have done this before - this would be our 2nd "bootstrap, build, sell" business)We lose our 5 year history when it comes to conventional mortgages and moving into a new home for our own family in the next 2-4 yearsThoughts / recommendations?

The property owners IN MASS burnt down their properties, which, since they did not file insurance claims was actually the only LEGAL way to free themselves of the continuing negative cash flow of these buildings.  

I know some regular conventional investment property loan programs have certain rules about this but does Fannie Mae?

Many people say "I know for a fact none of my family has judgments" but family members regularly do not discuss their financial problems with other family members, may be unaware of legal issues and their standing, and there also could be fraud.You should also consider any prior spouses among the parties that ever lived at the property as a marital interest attachs regardless if they were on title unless resolved by express court decree (in which case former spouse should join the conveyance).An attorney is not required - though you will need a properly drafted deed, GITREP form, and affidavit of consideration to record.

While we both work regular 9-5's, we wanted to do this on the side until we can turn it into a full time thing.

And schedule regular visits. 

Booking Management- Calendar Updates: We review booking calendars regularly to ensure everything is accurate and to avoid double bookings.Tracking Occupancy: We monitor occupancy rates and adjust prices or run promotions as needed to fill any gaps.3.

Since I make well more then my daughter, the plan was for me to claim the house for any tax breaks.Question is, will we need a more specialized tax professional then the HR Block person I've been using for 20 years.