Or a couple who ended up having triplets unexpectedly and needed a bigger place. 

If you did your homework right, you would have calculated your “Rehab Cost” correctly, making sure to account for the unexpected when it comes to repairs.

This way you are ready for an unexpected booking.I plan for same day checkout / checkin.

Make sure they understand you want to be in the loop and not surprised at the end of the month with unexpected charges.

There is NO room for unexpected expenses, let alone an economic downturn.

Yes, you will need to ensure that you allow for a Roth component when you complete the 401(k) adoption agreement. 

If short term rentals are legal, it can be doubly profitable.As far as running a short-term rental while holding down a full-time job, it's not a problem, you just need to develop systems for dealing with guest communication, TURNOVER and any unexpected emergencies.

The biggest lesson that I learned was learning the lingo and what step there are to take, the components of the deal.

Here are the pros & cons as I see it:1) Mortgage 2nd Property: With my income & savings, I figure I can qualify for a purchase of $150-$175k (though I'd really prefer to stay under or as close to $150 as possible so I can still have some money left over for renovations or unexpected expenses).

After moving from Dallas, what were some of the unexpected challenges you face investing in Florida?