Since MTR stays are a month plus, guests will have tenant rights and need a normal rental lease.

I normally close houses in under 90 days from breaking ground to close and right now I’m lucky if I’m able to break 120.

They normally pay rent like everyone else and you have to deal with approval from their board for decisions. 

It is a bit of a gamble, but personally, I always get my own bids from people I will hire and either take a credit on price or have title issue the checks directly to those contractors to get work done as soon as I close.  

Normally you see people get into this space and they want a clean house as is and simply want to do cosmetics to it which seems easy enough.

I expose myself to other stuff for the sake of a natural curiosity and to gamble a little.  

The risk you run with this model though is you would risk being over leveraged since your using 100% debt, and you would need the property to have a high cashflow amount each month to cover Capex, insurance, debt service, and your normal expenses associated with the property (property management included).

also look at how much your expenses have been for the last couple of years to get an idea of 'normal' costs.  

In general, rental related real estate, is considered a passive activity.That means, that passive losses, are not eligible to offset income such as wages, interest, dividends,etc.However, I would still argue that real estate is great from a tax perseptive, making $270,000 you are likely in the 30%+ tax bracket when you factor in Federal and state taxes.Rental income, which is normally shielded by depreciation, will not be subject to the 30% tax as would interest and dividends.Best of luck.

The only comment from the inspector was one of the rooms had a floor that was slightly slanted but he said that is normal as the house was built in 1954 and that's normal in older houses.Any advice would be greatly appreciated.