Prior to investing, you should be spending a lot of time with discovery.

How much did you wind up spending in attorney fees, etc?

That is just a one off report so before you spend a buck fiddy, it is a good idea to visit a couple TK operators in person first.

Things to consider1) Number of bedrooms / bathrooms / space for your tenants you can get for the $ you spend.

If you build a good relationship with a local realtor, they can assist.

Offer to be his/her assistant for free, do all the stuff he/she hates doing, and learn the business from them.

Would we be able to spend $1k in aquisition costs to get to that level?

In terms of the second scenario, the upside I see is the option to get a different kind of loan (say, FHA with a lower down payment and other assistance programs for K-12 educators like me) since I'd be getting a new primary residence instead of a second home.

It's good to hear others are having success, but I would check if it works in your area before you spend the $150.I don't know if this would apply to you, but some folks think that FF works similarly to AirBnB or Vrbo where they will push resident requests to you.  

Hi Sushil,My firm does portfolio loans, and if you fit the criteria, we may be able to assist.