Many cities allow short-term rentals of primary residences as long as certain conditions are met, such as obtaining a business license and meeting safety requirements.

What we find is that owners in your position can do well in a set of ideal circumstances:  the home is in great condition, they find excellent tenants who treat the property with care, and nothing crazy happens. 

Needs to be similar age, layout and condition.

Vetting and screening vendors, ensuring your vendors are licensed and insured, maintain all necessary permits and licenses, maintaining appropriate insurance,  requiring vendors to list the deed holder as additional insured, execute contracts with indemnification clauses, being an active owner or have a PM who is actively checking on your properties to ensure there are no premises liability issues or property conditions that could lead to claims.

Inspect regularly, then remove the tenants who can't maintain their units in decent condition.

over coming sub to  note being called is very basic information.Bottom line 99% of all mortgages have whats called an "event of default condition" in the mortgage and Alienation of title is an event of default.. so every sub to basically can be called.what folks do to try to hide this from the lender is various and very obvious structure of the transactions..

Continue acquiring properties in promising markets to build your portfolio while keeping an eye on interest rates to potentially refinance your high-interest loan for better cash flow.Save capital to maintain liquidity, allowing you to act quickly when market conditions improve or unexpected expenses arise.

I have owned it for 4 years now and have put a good amount of money into it already but with the condition that it is in now, it probably needs another $30,000-$35,000 put into it.

It can also capture damage to the property for which the tenant will be responsible so they don't claim it was in that condition when they moved in.

On another occasion I had them inspect the property after purchase and they informed me that due to the condition of the roof they were raising my deductible on any roof damage to $5K instead of the $2.5K for the rest of the property until I installed a new roof.