Maybe I'm misunderstanding something but i don't see how this integrates (or needs to) with AirBNB? 

Again, I apologize for any misunderstandings.  

Or did I misunderstand what they were saying? 

I may be misunderstanding, but did you specifically ask them if a credit check would be required?

I agree with everything Will said above - I'll just add that there is a general misunderstanding about hard money; your credit and, more importantly, your cash available is very important.  

Just be sure to check with your county zoning board regarding any additional requirements when increasing the number of beds.For example, you may be required to install a commercial fire suppression system, or you may have to adhere to Americans with Disabilities Act (ADA) standards, which might involve widening all doorways for wheelchair access and providing ramps at all entrances and exits.These costs could easily blow your rehab budget.Also, whatever guidance you get from the county, I'd make sure it was in writing, to prevent misunderstandings in the future!

I think many could misunderstand exactly what top 5% means.

It is not just about a misunderstanding, this is about the guest being a fraud and actually a thief when you think about it (they are paying for X and used XYZ)Great strategies for dealing with it too.

well i think you misunderstand my position.. rental game is fine and i understand that most that is what they can do given the way our financial system is here in the US.My caution is for those thinking they can buy rentals in high risk areas and think they are going to have some great financial freedom.the issue being is most never get past one 2 or 3 rentals. and with out signficant scale then yes i think there are better investments than rentals at that small scale. and or certianly less risk.. but I firmly understand i am in the minority thought process here on BP.. :) So for someone with 20 to 30k I see being profesionally managed interest in a reit as far less risk than buying a low end rental half awya across the US..

I honestly believe that no one sets out to become a slumlord, but that it is the logical result of misunderstanding our market.