Situation built for the Dave Ramsey play book. 

If property is not redeemed I get a deed in the mail.REally like this play for assets that are inexpensive.. and your paying cash.. risk is minimal to nill and as long as your play is simply rent and keep very long term.. its a genius move.. most folks are so worried that you have little to no competition..  !!!! 

Or would it make more sense to get into a move in ready home and play it safe?

I would forget that play it simply is not legal in  most scenarios IE you dont have the license to do it.. you need MLO and NMLS registartion to do any owner occ.. now if its non owner occ thats another story.

There is also depreciation etc. that comes into play.

If you are good at self managing and know how to play the Airbnb/VRBO game with all the picture tricks, word gimmicks, amenities stuff and you are actively on their platforms, it seems to still be a viable market for the good investors. 

Decide which game you want to play.

Even if there is nothing in the lease about smoking, she is still responsible for the damages that her smoking caused.But, with that said, the "age" of the items she damaged also comes into play. 

There are a few rules that come into play for short term rentals, including a time test, and a substantial services test. 

Economics will play out - the more desirable, the higher overall revenue.