A couple of people have reached out to me on there, but they backed out once I asked told them there would be some sort of deposit collected.

You will need a lawyer.You will need an appraisal.You will need a home inspection.You will need title insurance.You will need a contract with the Seller.You will need some sort of partnership agreement if not a bog standard common law agreement as defined by your state.You will need a survey.You will need to heed the advice of the attorney in whether you need any other documents, and in what any document must provide for.You will need to have in your above documents what happens if you don’t like what is revealed or if there is a failure to get a document.The presence of a real estate agent is irrelevant to those things.Do NOT focus on saving the commission.

Aim for 15% of purchase price in yearly revenue6) if you don't purchase turn-key, come up with a furnishing plan7) get pro-photos, find a good cleaner, either via Turno or preferably by talking to locals8) a lot of youtube videos will overcomplicate the start (launch of 5 platforms, build a direct booking site, get the worlds best smart lock, automate all sorts of messages, connect to dynamic pricing, etc.)  

I am not buying in cities for a downtown hip vibe sort of thing.When you research an area, first check and see what kind of rules/regs there are on STRs.

  "203k" is a term specific to FHA.There are all sorts of "w2" jobs. 

In my experience, often times a skilled tradesman can keep a piece of machinery going, so at least in this case mom has heat while we sort this out.

I have a contact that is sort of like your builder - he manages the build, then he manages the property as well.

So the buyer had to demonstrate all the differences between his restaurant business, which was established and had several successful other locations already, and the previous new startup restaurant that had failed, to get over the "his type of business" = "a business of that same sort, at that same location, in fact in that exact same building, that had already failed, WTF makes you any different?" 

It's too bad BP doesn't have a way to sort DSCR lenders by # of BP Reviews/References :) 

It's wealth transfer process but also sort of gentrification.