There's no reason to provide details, though I do let people know if anyone asks that we do not accept bulk up-front rent payments or anything like that because I absolutely do not want a prospective tenant to think that someone else swooped in with a bunch of cash last minute.

Give them a couple of options, they already know the unit got foreclosed, most people move to avoid the hassle. 

People who fail to keep good tenants and turn over every year, they lose. 

Flat rate vet's the snot out of people to assure QUALITY.

I am in talks with a couple people now.

I'm surprised by some of the responses here about how people like VRBO more than AirBNB.

I've also held of holding properties in individual LLCs that are owned by one S corporation, which allows for a 60 / 40 split between ordinary income (regular tax) and dividends (capital gains tax rate).With the goal of minimizing taxation and liability protection, what would be the recommendation from more experienced people here?

DM me if you would like to have a conversation and I can guide you to people I know in the community that could help.

No debt, they bought this place for like 200k in early 90s, quite old people. im not sure if they will be alive for the 7yr term but they chose it..The reason im putting so much down is im buying w gift money and i want low monthly payments.

Please let me know as well if you are starting a group for people on Long Island.