I would only hold cash reserves for scenarios that I would classify as "likely" and a standby LOC for "unlikely" events.

I scheduled some time to speak during a board meeting tomorrow Remind the board that even the IRS says the MTR are actually classified as long-term rentals.

One every property that is classified as a duplex or triplex in center city, the 2nd every house in center city where the tax address is different than the physical address. 

Post ads on online classified sitesStart running Facebook Ads looking for your propertiesSearch FSBO sites that you mentioned.

According to my reading once classified as a short-term stay I am required to collect sales tax (6%), hotel tax (8.5%), and a state fee (1%).  

Classes/Locations is what helps with the reporting when classifying different expenses and income. 

@Kevin Sobilo so in that case where we can see what their total amount of debt and payments are because of their credit report, doesn’t classify as denying them due to the info in their credit report?

A judge may not take kindly to you trying to collect back rents from someone you sent to a loan shark where you obtained loan proceeds and due to that decission the tennant is now, not only owing back rents but also a sic loan.

I read this right after coming off a horrendous appraisal for a refi where the newbie that showed up used MY purchase price as a comp, which was way below market, and openly admitted he was having trouble classifying the property the way it was zoned.

@Mike Stevens the $150k income limit applies if your rental meet the requirements to be classified as long-term.