Also, my brokerage has a handful of investor clients that actively run MTRs and STRs in the area. 

Total rent s/b minimum $2,250 but with housing vouches, $2,550

That stopped when I stopped using third-party cleaners, but I also started to only leave enough for the stay.I use a small Dawn hand dish liquid that I fill between guests and larger hand soap dispensers in the bath and kitchen that I fill between guests. 

The letter also states the total non-rent items currently owed by the tenant, such as accumulated late fees or repair charges.Also very important, the tenant states they have no unresolved issues with their current landlord, except as listed in a space provided, and they have no current plans to cancel their lease under the Service Members Civil Relief Act or for any other reason. 

Since this is a short-term flip, the IRS usually sees it as active income, but if your role is truly hands-off, there might be a way to treat it differently.Have you thought about how you’re structuring the deal?

The recipient inherits your cost basis (what you paid) for calculating capital gains or depreciation.You and your spouse can each gift $17,000/year per recipient under the annual gift tax exclusion ($34,000 total).

Or would it be the total equity - so the difference between 450k and remaining mortgage of 120k?

Newark is hands down one of the worst cities in America to invest in. 

Durham on the other hand is a great opportunity for investors seeking more short-term growth, more options, and higher likelihood of cashflow. 

I totally agree with @Caleb Brown, especially the part about consistency!