The wholetail is a smart play, but you should be cleaning the place thoroughly and doing no repairs and then presenting an honest proforma with rents and expenses estimated so investors have a PDF to look through.

We are concerned that the smoking/smell will turn off prospects as well as the extra cost of cleaning up areas after smokers move out.The building is in Illinois. 

I can see a full day of labor, between getting supplies gathered, setting the job up and also clean up and disposal.

I have worked with several clients in a tax capacity who are involved in informal partnerships.

4. what all more is involved with Section 8 tenant than a normal tenant moving in from paperwork or procedure point of view?

It involves minimizing living expenses, building equity in one property, and leveraging that equity to buy another after a year.

Am I **** out of luck here or can I get a lawyer involved? 

Ultimately, it depends on what’s going on in your local market and how involved you want to be in managing it.A firend of mine who was managing a similar property in Scottsdale ran into some issues during a vacancy period.

Hi Carole,In a competitive market, the most effective financing strategies involve being prepared and proactive.

Another one I talked to requires owners to pay for housekeeping at the end of their stay and a third said you could save money by coming after a guest checks out and cleaning after them yourself.