I called some collection agencies and they basically admitted that for the amount of the judgement, they aren't willing to do much more than call and harass him for a while.   

For fix-and-flip pros, BRRRR enthusiasts, and wholesalers alike, the landscape looks different than it did just a couple of years ago.For flippers: What’s your approach to finding end buyers in this market?

I don't know the specifics of your state, but in Mississippi, my property manager has filled for garnishment for the amount of rent that is owed.

If you like your job, and your goal is to create long term wealth through equity then keep the property, fix it up over time, and in the future you will be able to rent it out for profit.

the costs for the Airbnb furnishings could be anywhere from $20K- $30K.. are hard money lenders willing to include this amount in the initial loan? 

Proper bookkeeping will help keep track of who has what dollar amount invested into the property in case of a buyout or a death.  

It's a turnkey property I found on RentToRetirement, so It's pretty much already fixed up.

In a situation where you were doing an arbitrage (renting it from the owner, then yourself re-renting it to someone else) your costs to renovate/fix it up while you're using it would be able to be capitalized and depreciated by you once your rental was in service (available for rent to others). 

The background check is supposed to identify the amount of risk, then you determine whether you can mitigate that risk or not.

Investment Info:Single-family residence fix & flip investment.