I would imagine this would be close to a balance sheet.I'm not sure what my CPA would want, but that looked pretty inclusive since I categorized my transactions into their respective categories, ie property management, and repairs.

I believe the better value currently is finding a home that needs cosmetic repairs and allowing the PM to handle those and get the place rented out as someone else stated.

The plumber’s report indicates that the leak may have been caused by an overflowing tub or sink upstairs, but the tenant in that bedroom denies any such incident.As a result, I now have substantial expenses for the plumber and restoration company, including drywall repairs, painting, texturing, and reinstalling electricals.

@Ryan BrayHUD will not turn on the utilities and my guess is you are outside your 15 day window where you could at your own expense provided that the PCR report did not find anything that would prevent it.Your option is to ask your lender if there is any work around such as an escrow for repairs or an as-is appraisal. 

I haven't reviewed the Standard Lease Agreement yet, but all I need is the right to sublet, and possibly some negotiated capital responsibilities (owner pays for repairs over a certain amount or split responsibilities on certain expenses).

We take pictures on a pre-inspection only of existing damage, which generally doesn't exist because we repair anything that happens between tenants.

Aside from the risk of taking on the property with tenants, you may also have to purchase site unseen which makes it tough to calculate repair costs. 

I still tried to reason with her to see if we could repair this, but she hired a personal injury lawyer (who happens to be a cleaning client of her) to start emailing me demanding I give her $125,000 for her 1/2 of the business, or else they are going to file a lawsuit.

@Jon Paul @sunnyI’ll add you to the list.Jon feel free to reach out if you need assistance identifying a new AIRBNB, my partner is a licensed broker in the Poconos.

They said that per California Revenue and Taxation code, they're asking me to provide them info such as the purchase agreement, rent rolls, etc. to assist them in doing the reappraisal of my property.