I've seen many landlords that get lucky with good renters for a long period of time, then everything falls apart when they have to deal with real difficulty.I looked up your property on Google Maps, and the street view looks bad.

To make my question short, my wife and I just sold our house in Lincoln and made a profit from it.

What are your short term goals? 

It is not walking distance to much but a short drive to a lot and generally a touristy area. 

Excess depreciation could be suspended as a passive loss unless you qualify as a Real Estate Professional (REPS) or materially participate in a Short-Term Rental (STR)—which would allow you to use the additional depreciation to offset W-2 or business income.

Yes trying to find info as well, offered 1031 and/or straight investment $s w 6 month min lockup period for a return in the 14s, seems too good(i know what they say, lol)

Seems to me there is only upside for them but no share in any downside if the unit is not leased to short term stay occupants.

Conventional lenders typically require a 6-month seasoning period from purchase before they’ll consider the appraised value for a cash-out refinance.

In short, my experience has been great and I've already experienced some pretty profound shifts as a result.

During this renovation period would you, as the lender, want an Actual Cash Value or Replacement Cost policy in place?