It's the same terms as a normal purchase, just finished after you cash close (to secure the property fast) with a 30-yr term.

Are they worth it… every year people waste money on car insurance, home insurance, and medical insurance….

To get this is very expensive.A better way is go through one of the 3rd party companies similar to Turo for cars.

Normal home owners insurance covers the house, liability, a bunch of miscellaneous items, and all your stuff (furniture, clothing, appliances, etc etc).

As for check out, let the guest check out whenever they normally would, but block the holiday off and tell the cleaners to clean it the next day.

Count the number of car parking spaces.

This debate is like arguing if it's better to buy a car with an engine, or tires. 

.”- Rick and Ricky, SFR gurus“We bought this house in Toledo for $31,500 and sold it 10 years later for $34,000”:-) sorry my Toledo friend :)@James Wise and I just did a video about the 3 step process of what it takes to succeed in real estate and how "You", yes "YOU" can also buy the same green sports car that I own hahahahaGuru'd lol

Also the property transfer tax is quite high, it can add up to around 13% and normally has to be paid in cash.

Hopefully it's for a BRRRR, flip, or something RE related (assets); not a boat, car, or pretty much anything with wheels (liability).