Whenever you're buying a junior lien, you're taking title subject to senior lien(s). Well

If you heat lead paint over 1100 degrees with a heat gun, the vapors can cause your brain to swell.

If you are bleeding that much cash every month (and I think you are bleeding more than you think because you didn't include ANY maintenance reserves for items such as A/C, roof, etc.), you are setting up for a future problem.  

Also, be prepared to be cut up on your hands, when you are breaking the tile it tends to get really sharp when you don't realize it and you'll be bleeding before you know it.But all in all, great looking flooring.

I can give myself a functioning salary without the temptation of bleeding the account dry because of the double taxation.

Anyhow, we had a tarp and blanket pinned up over the back door, so it was bleeding heat like crazy - but we had baseboard heaters in every room cranked on high as well as space heaters running 24/7.

Be less concerned about having significant cash flow but think of it as a learning opportunity (but you do not want it to bleed cash either - Neutral in So Cal would be fine).- Repeat the house hack until you have a family. 

Nothing is guaranteed - if rents go down even more than that for an extended period of time and values go down making exit expensive, I will be bleeding my net worth off like a sacrificial goat but my strategy is to hold long, long term.

@Silvia BatistaGetting a pro account and advertising  in the marketplace swell worth the small investment.

Just like many other areas in real estate, this segment is all about relationships (at least if you really want to rock out with it).Also, as a follow-up to @Prag Patel 's well-worded response (remember of course to talk to your own tax advisor), but be sure to avoid the mistake many new hosts make in lumping the tax in with the Airbnb rate... you won't be able to line item it out easily for your taxes.From what I see from a cursory glance: at http://www.sanantonio.gov/Finance/taxeslicensesfee...The local taxes will be 10.75%.