Next, if you are comfortable with the numbers a long term rental would provide, keep that as a back up strategy and play with the numbers a mid-term rental in this area would bring.

Thanks, Gary Neely Gary, Just use you standard state contract and write out the terms of your seller financing in an addendum or on the OTP itself if there's lines for additional provisions.Be clear and concise.Example,Seller will carry a promissory note secured by a 1st position mortgage in the amount $97,583.00, at 6% interest, amortized over 30 years, witha a maturity date and balloon payment due 10 years after the closing date.Hope this helps and certainly get an attorney involved if you are not comfortable drafting the language.  

I feel that the 2BR/2BA covers the most bases from a booking perspective and I would echo @Mitch Davidson with making sure you are standing out from the crowd with your location, view, design, furnishing and amenities. 

It doesn't seem to be designed for landlords.There are many products that detect dampness and alert you.  

If you don’t feel comfortable doing it yourself pay an attorney or have someone you trust review it with you.

They aren't financially responsible if things don't get fixed etc.In my area many out of state landlords designate a local partner, handyman, etc as being their "agent" for purposes of this requirement.If there is a serious issue with the property, I guess there can be no excuse for the agent not to come to the property quickly to at least evaluate and start to address it unlike someone out of state.

A good example would be a Holiday Inn, Ramada Inn, Comfort Inn, etc.  

Houses are designed/built as rental hardened so minimal repair/maintencance for at least 15 years.

My BIG dream is to build a portfolio big enough so that we can replace our current income and retire comfortably (dream big they say, right ;)?)

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