The first year was tight because of higher interets rates, but his tenants effectively covered about 70% of his living costs.

Everyone on here is saying that you can do it, but it's definitely not possible if you don't have a lease in place on the unit you are currently living in or can show you are living somewhere else with a utility bill or rental lease  to demonstrate that you are not intending to live in the subject property.

If you hired an agent or a broker to work with you, you'd be covered - but regulations & laws vary from place to place.Screening is best done by establishing a set of guidelines to qualify applicant tenants, then sticking to those rules to avoid legal issues (and for your own sanity).

Reason I’m asking is because today reading through old posts on this subject, I came across discussions that stated if it was Credit Card, PayPal, or similar avenues, that 1099s aren’t needed since those companies issue them.

And you avoid things like damaged properties (guest insurance from airbnb or prop manager themselves cover that), evictions, collections, etc.   

Lauderdale, FL• North Palm Beach, FL• Plantation, FL• Pompano Beach, FLThese acquisitions were done creatively, assuming the existing loans via subject-to deals without inspections.

If you're new to this, partnering with a trusted contractor can make a big difference in ensuring you're covering all the necessary costs.

I was caught in a probate case on a note I owned where the subject property was located in Dallas.  

So here it isCash price:  $556,000Owner financing market terms:  $611,111Owner financing favorable buyer terms: $666,667Classic mistake of (1) not accounting for all expenses that determine cap rate and hence ending with higher net income and (2) choosing lower cap rate appropriate for property with less risk and more desirability than subject property   It's not a sellable business.

Orange County, FL is a covered disaster area listed in the above notice.