Do the Airbnb discounting, price a little under market, make sure your cleaning fees are at or below average, looser cancellation policies will all help.

I've already renovated one of the bathrooms, and I’m planning to paint the interior, update the kitchen cabinets, possibly sand the wood floors, build a fence is a corner lot and increase the rent for the room since my tenant is currently renting the entire 3-bedroom, 2-bathroom house for $800 a month.

I would assume the purchase contract has a clause that states title is clean and there no encroachments.

I had a few properties when a lady that owned a cleaning company I had contracted with previously approached me about combining forces on a property management company.

With just 5% down (yes, I paid PMI initially), we moved into the main bedroom, used the small first-floor room as my office, and rented out the other three bedrooms on Airbnb and Furnished Finder.

Perhaps refinish existing wood floors rather than install new LVP to save money.

My goal is to add verbiage within the lease that will decrease any tiffs between tenants for the common spaces and how to set expectations and promote group effort with cleaning the common areas/shoveling snow/personal dishes/shared fridge/laundry/having guests and so forth. 

3.Draft a written agreement where the property owner retains full ownership of all guest funds (nightly rates, cleaning fees, and taxes), while the cohost invoices for management fees and reimbursable expenses?

Or are they moving out when the cleaning is complete?

So many of the builds I've visited, some multiple times, seem to be frozen in time: the homes are dried-in (roof paper, windows and doors), tiled floors, drywall installed, and then a dead-stop.