I thought that, at least I could deduct property taxes, Interest, PMI and Home owner's insurance.I am being told that, basically, we have to treat the entire rent check as taxable profit because of our income.

I used to live in that area and still know many home owners in Ventura, Ojai and Camarillo. 

Don't  forget, because you lived there, you can get the homeowners capital gain deduction.

There can be other challenges... houses can sometimes be 'redeemed' within 10 days of the auction where the homeowner in essence 'takes the house back' by paying off the mortgage.  

I knew I wanted to become a homeowner and this was the only neighborhood that I was interested in.

For me, I knew I wanted to work on building out a listing business for luxury homes so I got to work cold calling luxury home owners and building my brand as a luxury agent.

I have a quote for statefarm as a "homeowner policy" with "home-sharing endorsement".

ADUs might be one of the most practical ways homeowners can provide more housing which is desperately needed.

If you're going to sell the properties with or without rehab you'll want to have a robust CRM to manage your distressed homeowner/buyer/attorney/vendor lists.The advice from Bruce is solid...start slowly and you'll figure out exactly what you need as you proceed. 

It all depends on the market, which is why it's important to know the market a vacation homeowner is considering!