that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Then at the very least, someone is putting a significant amount into the equity on your home, and is also paying down your mortgage.

Katie, my advice would be to do a cash-out refinance and take out the maximum amount you can for the property to still be able to cash flow.

If you ever incur a state income tax in MO, you would typically be able to take that amount paid as a credit against your KS taxes paid, so you won't end up double taxed to both states.

Cats can be great, or they can do incredible amounts of damage.You must either increase your damage deposit, or charge a hefty non-refundable fee.

Ah screw it, you can sell it for the same amount right.

I have several close friends who specialize in audit representation so especially in the wheelhouse of real estate audits I get a good amount of feedback on trends. 

I'm 2 miles from 2 hospitals (one is Swedish and I've heard that they get a fair amount of travelers) and within walking distance to Denver University.

Does that amount seem reasonable?

A rider allowing for using your owner-occupied property as a short-term rental for a specific/limited amount of time is very different than an investment property being used as a short or long term rental 100% of the time.Also, telling your home insurance company that you STR your home occasionally does not give you extra coverage for those types of risks, it simply means if your renter burns your home down the insurance company isn't going to immediately deny your claim.