Essentially lower my taxable income by $117k?! 

Additionally, they have another property which has appreciated in value, carries low interest rates, but has negative cashflow and essentially feels like it just locks money away.

Yes, they can be slow with the first payment, but as long as the HUD paperwork is complete (essentially a promissory note here), the money always comes.

Accurate records of all expenditures are essential to claim deductions and calculate the cost basis for future capital gains taxes, including depreciation recapture.This post does not create a CPA-Client relationship.

With this type of loan, the property revenue qualifies you for the purchase vs. your DTI or work history.

I concur with @Patricia SteinerIt's essential to review your lease to check for any clauses related to pest control.

The property is in the Joshua Tree market so the next couple of months is the tail end of peak season and will start to slow going into April/May, so I'd like to be ready to operate as soon as possible to capture max revenue before summer. 

If there are any books, podcasts, or resources you think are essential, please share them!

Revenue stream.  

If you have any questions feel free to send me a message and I'd be more than happy to help you get connected with some of these other essential people as well.