Assume you need an extension and pay 5 points.

Your collective wisdom is invaluable, and I’m eager to learn from your experiences.

Low class outfit ... one of my borrower/ clients went into escrow with them last week and  put up the non refundable money getting ready to close and well  the title needs to be probated.. so these guys dont run title until they have your deposit.. will see if and how easy they give my client back his money since it did not close on the closing date and no extension was given or signed..

I may be a bit gun-shy because of the extensive renovations we have done to a primary residence that spanned three contractors and six years.  

, we are super blessed, it was not easy but it wasn't super hard either, and the tools here at BP are a VERY good resource to Analyse deals. thank you, guys.we are renting this property now to a wonderful family, they are super happy with the place, and we are collecting $1,200 P/M rent with over just over $500 in cash flow :) I just wanted to share to encourage new investors!!!!

, we are super blessed, it was not easy but it wasn't super hard either, and the tools here at BP are a VERY good resource to Analyse deals. thank you, guys.we are renting this property now to a wonderful family, they are super happy with the place, and we are collecting $1,200 P/M rent with over just over $500 in cash flow :) I just wanted to share to encourage new investors!!!!

I have read extensively on this site about coin op vs non coin op and the opinions are decidedly mixed.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

@Dave Charron, just a guess but perhaps the company wasn't properly insured or the guy wasn't an on the books employee and also the company probably has no suitable assets that can be sold off to collect against them. 

The other thing to keep in mind is that you will have to keep a supply closer or room with your extra bedding and materials and a checklist for you cleaning person to run when they turn the unit, as well as a smooth process to screen, lease sign, and collect payment from the guest.