You can deduct all ordinary and necessary expenses, such as taxes, interest, repairs, insurance, management fees, agents' commissions, and depreciation.Do not deduct the value of your own labor or amounts paid for capital investments or capital improvements.The good news of passive investing is no SE tax.

Like other value-add items, this can make an ordinary property, extraordinary.   

Assignments Can be for ordinary, legitimate reasons.....changing the entity one is using to buy it, adding partners, etc., but legit assignments always end up with buyer actually buying the property.  

I haven't spent enough time in the house to experience anything out of the ordinary, but I will say, the tenants in this house are some of the strangest people I have ever met.

It sounds downright unpatriotic prohibiting ordinary folks from investing in real estate like that.

Whereas, if they give you a number that is more in line with reality and what a passive investor should expect for such little risk, then you might be inclined to tell yourself you can do better.In neither case were you able to dig in and find out how they operate and what makes them special or what makes them ordinary.  

If you become successful flipper you’ll pay ~50% taxes on your ordinary income.

It must be signed by the person accepting the security deposit, unless the tenant pays the security deposit by electronic funds transfer, then landlord may give an electronic receipt -Hold all security deposits in a federally insured account in an Illinois financial institution separate from the landlord’s other accounts -Tell the tenant in writing the name of the financial institution where the landlord will deposit the security deposit -Inform the tenant of the new account if the landlord transfers the security deposit into a new account -Return the security deposit within 30 days after the tenant moves out -Only keep money from the security deposit if the tenant owes rent or court fees, if the landlord has gone to court (but not attorney’s fees) or for reasonable costs that the landlord has paid for the repair of the unit (but not costs for “ordinary wear and tear”) -Provide a detailed explanation of the costs within 30 days if the landlord has kept money from the security deposit for repair -Be responsible to return the security deposit if the landlord sells the property until the first landlord gives the money to the second landlord and gives the tenant written notice; then the second landlord is responsible for the security depositREMEDY: If the landlord charges too much for security deposit, does not return the security deposit, or does not give the tenant proof of the expenses for any repairs deducted from the security deposit, the tenant may sue the landlord and shall receive damages equal to 2 times the security deposit plus attorney’s fees.

I was thinking about perhaps converting one of my rentals into an Airbnb.com spot.But before I do anything stupid or out of the ordinary I wanted to do a little research and find out if anyone else has done this and what are their results?

This is where things get a bit vague and subject to interpretation, and why we urge caution when considering such transactions.Benefit would include things such as one party being enabled to participate in a transaction that under ordinary arms-length scenarios would be out of reach.