You're putting the cart before the horse in terms of preparing to own a rental before you even own it. 

We also have a 400sq ft cottage, and since it was once a larger property before it was divided, it has a 7,000 sq ft covered horse arena, which is a huge boon so close to the city.Long story short, we run AirBnB out of the basement an on average gross about $1,600/mo.

People on the high horse really need to get over themselves.

Want to clean out your horse trailer......go to the car wash.Both can be everyday labor intensive.

Because no one's ever heard of them....yet they are one of the oldest breeds on Earth and were bred to take down horses during war.

There is a lot of glam to his site, and I like folks leading investments to be more like work horses than show horses :)

@Vaughn SmithPardon me if I'm beating a dead horse but i'd like to be clear.

Let's not put the cart before the horse here...Your experience and the amount of capital you have to deploy will determine how you can operate. 

Standard tax law allows healthcare premiums to be deducted at 100% from federal and state taxes, leaving a substantial amount of potential tax savings on the table.However, I'm now telling you how to close the barn door after the horse has left and gone down the road.Good luck!

I told him that there were many viable business plans in RE and he seemed interested, but I think that this is one of those "lead a horse to water" type situations.