Also, in a 1031 the seller cannot take possession of the funds so you giving him the downpayment to do repairs would be challenging.

Trying to manage a $1M Airbnb rental while it sounds good you got $6500 in bookings you still have significant costs to operate it with maintenance repairs, utilities etc.

You’d gain tax deductions, and you’d relieve yourself or your parents of any additional work regarding reservations or repairs. 

I haven't been expanding my business with LMHA since the end of 2016 per my posts above so I don't know exactly what changed, but I expect the outsourcing of inspections to private industry + some executive level leadership + replacement of staff with new faces excited to serve the needs of HUD/Landlords/Those In Need has resulted in an agency I will develop more business with.The HCVP will always be a double edged sword for landlords (See Section 8 Bible discussion) but for now I have discovered it is finally worth the effort to participate in the program.I specialize in Toledo's transition neighborhoods, discounted houses on the edge of nicer areas but also on the edge of trash...the Section 8 program allows me to get long-term tenants who are a good business model provided they are consistently managed and visited/inspected for additional "visitors" (relatives and random dogs/cats) and damage/housekeeping which can destroy a home if left unchecked.You need to know the rules, repair and renovate for long-term durability, prepare for inspections thoroughly and keep a team of contractors who will hold those standards...after 8 years we have been through a hundred inspections.

There's plenty of quality inventory under 400k in that market. 

Winning with cash really depends on the quality of the property and the timeline of the seller.

hire people to do the repairs-the owners pay for it whether you do it or you hire someone to do it. 

Hello everyone,I have been given 15 day extension to show an effort to do repairs on a large SFH that now has a unlawful detainer/former tenant who has been found subleasing, damaging the property and preventing contractors from entering.

The quality of work on prefab is not great, but easily sufficient for rentals.  

(Making judgements based on family status, number of kids, medical animals, etc etc..)4) When you get that first repair call 10pm Saturday night for a leaking roof or water heater do you have a trusted/dependable guy to call and get it fixed that night?