Another lesson I learned was to have a more concrete scope of work to help create a more accurate budget and to add a buffer in the plan for things that come up that are unexpected.

Or the buyer could just miss a notice that the loan has been transferred to a new loan servicing company (as they do, loan servicing companies are terrible IME), and miss some payments by accident, again negatively affecting your credit.

There is no telling what repairs or unexpected expenses will come up.

What if another tenant is using the same lawnchairs and has an accident?

Greg didn't say anything about you not being able to file papers🙄 He didn't get those upvotes by accident.

Terms should include interest rates, repayment schedules, and contingencies for unexpected issues.

You are so much more likely to get hit by a car vs airplane accidents (the safest form of travel).

Cash flow is not a myth.If you properly budget for your expenses, including capital expenditures(Roof, HVAC, furnace, etc), then you can rely on the cash-flow.People who say cash-flow is a myth are normally people who say things such as 'we had to pay for an unexpected roof'

Establish a clear process for handling these requests and keep an emergency fund for unexpected repairs.Tenant Relations: Communication is key.

We would be so grateful for any input, experience, or recommendations from homeowners or agents regarding what would be the preferred choice for 1) attracting rental guests in the short term, 2) retaining value for resale and not looking dated in 10 years, 3) protecting ourselves from accidents.