that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Cost was about a dollar a mailer and my assistant's time, including postage.

@Charles Kao I believe he means attorney & Title Services that are familiar with non traditional or creative Transfers or Sales of property that don't include Banks.

Quote from @Owen Rosen: Quote from @Rod Hanks: It’s a good idea to have the insurance policy include both the tenant’s name and yours as additional insured.

Does that include any utilities? 

Politely and clearly, make it extra clear that all information will be verified including income prior to the signing of any lease.  

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

was there an agreement between you and your parents that they should share in the profits / losses of the airbnb / property.If there was an agreement, they should also be included in the LLC.It is best to discuss this all with an attorney.Best of luck!

Include a lender in your conversations that specializes in working with investors.  

The agent "worked" for 2 hours at the most including drive time to the closing.