That's why I say in the long run this thing will pan out. 

Referrals that I have gotten from other investors haven't panned out very well for me either, they either don't call me back or call me back weeks later. 

It's going to be an interesting couple of months to see how this all pans out!

We'll see how it pans out for me :-)Regardless, with the 40% rule, we're cash flowing roughly $2,200/year; however, considering I will have higher quality tenants at 1,500/month, the home is completely renovated, vacancy rates are less than 1% and the only major repair looming (fingers crossed) is the roof, I think it could be realistic to have our total operating expenses (including insurance and taxes) at roughly 25% gross rental income for the first few years, which should give a CAP of 9.11% and COC on 20.73%.We'll see how naive I am ;-)Wish me luck!!!

In our syndications we have to collect W9s from people using DREs and when filing the K-1 returns, both the DRE TIN and the personal SSN must be reported. 

With an AirBnB/VRBO you would also need to fully furnish the property, kitchen utensils, pots, pans, bathroom and bedroom linens, all the small things. 

Of course, we also spent about $200 loading it with cheap plastic dishes, silverware, utensils, a few pots and pans, and a cheap baking pan set.

Custom mud pan with liner or whatever your tile guy wants.

to start: large level and small level power tools (drill, saws, nail gun, multi tool) screw drivershammersmeasuring tapesstud locatorchalk stringpry barvicesmagnet wire stripper flashlight tapes (duct, blue, masking)paint brushes, rollers, pans gloves putty knifestraight edge cutting tool steel woolpapertowels, shop towels  garbage bagsmagic eraser

without seeing it the problem is either the burner ($200-400) or the tin chimney (~$100) or the lack of air getting to the unit (cheep) ...