I am under contract on a house that I will be able to nightly rental.  I've been successful on my other 2 nightly rentals.  I do not have the cash for the down payment.  I was going to HELOC one of my investment prope...

The sale fell through so we just held the property for a longer period.

Four months after closing on a nicely renovated fourplex, a tenant parked their vehicle next to the rear steps on a day with 65 mph winds and a divider made of concrete blocks fell onto the tenant's windshield, hood, and roof causing at least $2500 in damages on a recently purchased used car.  

She was concerned not only that it was a safety hazard which could get a sued, but also it was starting to come down and if it fell it would have torn the front awning down with it.

Most conservative folks will fell comfortable at more than a year.  

If they fell behind a while back and circumstances changed back to positive but they just couldn't catch up, that's not a bad thing and shows a history that besides that one episode, they can afford the rent amount.Also consider that people and circumstances change, so while they truly may have been the world's best tenant to their last landlord, maybe some event occurred in their life that changed their approach/respect for their obligations.

After 1 year the deal fell through because the mortgage company said the sale was not in the sellers best interested even though the sale price would have covered the note in full.

Same if you're looking only at places such as Fells Point or the Inner Harbor in Baltimore.Let me share one of my properties.

They sort of fell into my lap.  

Run the numbers on properties that you find available so you can make offers that you fell have a chance of having enough margin to make it worthwhile.Good luck and I hope this helps.Ed