I looked quickly through Airbnb and it looks like room rentals are going from $25 to $75 per night during peak season.I'm guessing that cash flow could look something likeMonthly CashflowRoom Rental ($500 per month * 3 rooms ) + Airbnb Room Rental ($50 per day * 20 days [subtracting days for flip days]) - Expenses ($1k) = $1500 + $1000 - $1000 = $1500Net Annual CashflowRoom Rental ($500 per month * 3 rooms *12 months) + Airbnb Room Rental ($50 per day * 180 days per year[6 month per year]) - (8.5% hotel tax + 1 sales tax) - $125 annual regisitration fee for home sharing + Using the Airbnb room as regular room rental for remainder of the year ($500 per month * 6 months) - Expenses ($1k * 12 months) = $18000 + $9000 - $855 - $125 + $3000 - $12k = $17020Start-Up CostsFurnishing common areas and Airbnb room plus purchasing pots, pans, utensils, garbage cans, etc - $5000Acquiring property with traditional financing - $30k or soI will kick the tires with lease optioning as a potential way of bringing down financing costsBreaking Even on Start-Up Costs$5000 to $35k initial start-up costsAssuming $500 per month lease option = ($5000 + 500)/1500 per month profit = 3.66 rounding up to 4 months to break evenTraditional financing = $35k/1500 = 23.33 months rounding up to 24 months or two years to break evenAssumptionsPhilly has a law that you can only rent on Airbnb for 6 months per yearI went with the higher purchase amount $150k but with the lower room rental range and middle Airbnb daily rateI'm assuming that the property will have 4 bedroomsIf my assumptions and numbers work than Philly definitely looks interesting as a vacation rental market.

Probably not $70,000, because that would leave only $10,000 net profit, and after subtracting resale closing costs, that's not enough profit to fool with.

With my math and subtracting the $100 that I gave them on Monday that was said to make us even I came up with $311....

If I incur a loss on my RE business, can the income only be subtracted from other income that I earned, or can it be subtracted from my husbands' (married filing jointly)?

Subtract that off the starting balance to get the new balance.To get the outstanding balance at any point in the future, use the FV (future value) function.

Since you have a loan of $89,000 you have to subtract that from the $112,000 which would leave you with about $23,000 of equity that you would be able to pull out.Again, these numbers are based on what you've provided and on general guidelines.

@Brent Coombs I was basing those lifespan figures on this article herehttps://www.biggerpockets.com/renewsblog/2015/10/1...I basically took the age of the property and the condition of the components and subtracted it from the typical lifespan (according to this article), to come up with the remaining life of those components.

We got an estimate from a roof repair company and the estimate came to 12K.We got the insurance involved and while they agreed on the damage they deducted the amount based on life of roof and then gave an estimate of approx 8k.Then I am now at the point where I have to sign Proof of Loss statement to get cash claim and they further subtract the deductible of 3K, and effectively giving a cash $ amount of 4K+. 

Psychologically, sellers love to see above asking and surprisingly have a difficult time subtracting the seller credit.  

Then subtract some touch up painting and minor repairs that the maintenance company is going to insist you do in order to get that market rent.By the time you break even - rents could drop.