Since you’re considering converting the upper unit into a short-term rental, you may also want to implement strict rules around smoking or strong odors in your house rules to avoid future issues.

The issue I had was that most lenders required a certain number of completed flips done under a LLC.

He makes sure we maximize all deductions and have no issues.

It is what is left after snow removal, cutting the grass, utilities, tenant issues, parking lot issues, property taxes, mortgage payment, etc. that make a difference.

The brother was fed up and needed to sell, but there was a significant issue.

The challenge with S8 in this scenario is you always have a piano over your head and all a tenant has to do is call the code office to create an issue for you. 

And will you have ongoing maintenance issues beyond your CapEx based on the building's age.I personally would be suspect of this deal.

Hi Lina from Texas-Congratulations on your interest in investing in mid-term rentals and you are wondering how and where to get started.I get this question frequently from investors.Sometimes and investor is looking to keep their property cashflow positive as insurance and taxes have squeezed cashflow by turning units into mid-term or short-term rentals.First off, ideally, the property will cashflow as a long-term rental should something disrupt the mid-term rental model.You will also want to have the property be near where there would be a demand for mid-term rentals (hospitals, universities, research centers).Monthly rents for mid-term rentals are about 20% (+/-) higher than unfurnished similar long-term rentals.There are property managers that will manage mid-term rentals for you and I always advise my clients to use property managers to keep their investment as passive as possible and for compliance issues related to Fair Housing Laws and local regulations.To Your Success!

While I think I might have paid slightly above the average price, I’m happy with the installation and impressed with how quickly the installers resolved the issue.

Luckily I did have a clause where the sober living company is paying all repairs and maintenance unless it is structural issues.