The new inventory has a median asking price of $895,000, 5.4% higher than last year’s $849,000.However, the drastic spike in inventory has been no match for Long Island’s househacker demand.

At this moment im on "night shift" so our times might not match up.

You also have to have a system in place to vet your guest (which Airbnb doesn't do anyway - all they do is "verify" their identity), create a lease agreement, accept deposits and payments and issue refunds of deposits.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Any online method i can ask tenant to use that can deposit the amount to my bank account which is free for tenants and safe method for me to use. i had issue with one of the check send by tenants (not a tenant fault)and i was about to fall into scam as i tried to deposit the check online but now want to stay away from Checks. venmo/zelle doesn't allow bigger amount transfer.

They continued to send me letters asking me to return their deposit.

I'm looking to understand how forming a Real Estate Syndicate works and how to pitch and find investors once I find a deal that matches my criteria. 

My question is, is there anything more I need to do to (i.e. issue a formal written notice of lease violation) in order to prepare for the possibility of keeping a portion of their security deposit to pay for eliminating the odor? 

Also check your states Security deposit laws.

The rent to price ratio here almost matches the RTP ratio of the C class areas but the main trade off you experience with access to better tenants is that the taxes are higher.