My wife and I own a condo as our primary residence, we owe 216k on it.

I currently reside in CO so looking to invest remotely.ThanksHi Mathew, I would also recommend looking into the Columbus OH market if you're planning to do BRRRRs.

Potential residents can tell if the owner/operator authentically cares about providing that A+ experience, and they will vote with their wallet regarding where they stay.So going back to my original sentence, here is where my grace runs out.

Investment Info:Single-family residence fix & flip investment in San Juan Capistrano.

Irs determination “You're considered to use a dwelling unit as a residence if you use it for personal purposes during the tax year for a number of days that's more than the greater of: 14 days, or. 10% of the total days you rent it to others at a fair rental price.”

Every adult residing in your rental should apply, be approved by you, and sign the lease.

Investment Info:Single-family residence buy & hold investment.

If I were in your shoes and you wanted to keep them on MTM I would have them still sign a MTM lease and make the one resident pay a deposit, assuming you can sign new MTM leases in your area.I personally would still probably shift them to longer-term leases anyway, but it's not a bad idea to feel them out for a few months.

It's a 2 bed 1 bath ~900 sq/ft condo and the entire thing is painted black & dark blue right now. 

Details2,819 SF, single family residence, 4 bedroom, 3 bath house, with a poolThe house is in a very desirable location.Market Value - $950,000Mortgage Balance - $226,137 (10 years left)Martgage Payment - $2,250/moInterest Rate – 3.5% Average Rental comps - $4,430/mo (looking at the comps I think it is above average)It certainly looks like it would cash flow, but that leaves buying a new house with a small downpayment and high interest rate.