EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Without a firm base and working familiarity with these three areas the investor will not have the knowledge to analyze, negotiate and close advantageous real estate transactions. 2- Experience - the first few deals are likely to be smaller, harder, with more “surprises” and not as profitable as the investor imagined.

This is no surprise.

No room for the unexpected. 

If not, paying off the STR could leave you vulnerable to unexpected expenses or downturns.

Research local regulations and permits for STRs in your chosen markets to avoid surprises.

Quote from @Pankaj Malik: I’m just really surprised that the tenant is not taking the option to break the lease break with a $ number offered (1 month rent plus reasonable amount for parts of house he wasn’t able to use) that is within a couple thousand dollars of what he wanted anyway. 

The behavior is a bit off, but not surprising for a mom & pop landlord.We tell our residents exactly what we need from them for the application. 

We make people take photos of themselves holding their ID and then I also meet them in person for the showing - at least for my units on the NW side of Chicago.I've never heard of these testers, but I am not surprised. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!