@Jack Cottrell you post caught my eye.

PachalAUTHOR · CONSULTANT · SPEAKER · COACH · INVESTORSubject2Institute.comGood post, very touchy situation.  

Once in service, expenses become deductible, reducing taxable rental income.This post does not create a CPA-Client relationship.

.- Since we're not really in full control of the property, the Hold Harmless also indemnifies us against anything that goes missing at the property and squatters.We get asked/told to do all kinds of crazy stuff by owners, who either don't care what happens to us or haven't really thought everything through.Hope this addresses your question.

Instead, consider a HELOC or home equity loan to fund repairs, as the interest may be deductible if used for home improvements.This post does not create a CPA-Client relationship.

It would be wise to post the name of the franchise you are considering.

Perhaps we "buy" the house from them for the $328K balance to satisfy the lender and don't need a large down payment and then have a separate contract with them to pay $x per month until we've paid the full $172K amount.

Brandon Turner outlined this method in one of the older podcasts and there are previous posts in the forums.  

Since you are not doing super high end finishes as mentioned, doing high end flooring and all other stuff just above builder grade does not warrant tile or full wood flooring. 

He's going to try posting with a real estate agent for 90 days and see how that goes.