At $240/mo and no kitchen you are basically renting to transients, and there will be a lot of drama, a lot of non-payment and evictions.I'm 99.99% sure you can't just transfer that insurance policy to a new owner, btw.Don't ruin the good start you have by walking into this mess.

Be aware that you're ruining yourself (in a good way) by realizing they're alternative ways to earn a living. 

I don't mean "clean" by it doesn't need rehab, I mean clean as in you have identified and disclosed any material defects in possession that would ruin the value of the asset?  

@Kevin Moen Thank you for the reply and I see your point as I would ruin my chance of future relationships If I introduce myself with no Capital or knowledge.

They might be ok with a repair after they check in and while they are there, especially if it would ruin there vacation if they couldn't find other similar lodging.John 

Hi Chad I'm just trying to get started and I'm looking for help financially to do my first deal if anyone should assist me they will not regret i promise to repay with high interest .my reason for asking for this urgent help to start is because of my daughter is suffering from cancer and I prefer to do this investing business to make money for all her bills I will appreciate the help so I can get that money .Thank you 

You will lose your ernest money and ruin the relationship with that agent.

As to your questions about credit, yes it will impact your credit negatively but a foreclosure ruins you for 4-7 years and after a short sale you can get a Fannie Freddie loan again after only two years.

I just got a call that said he was diagnosed with cancer and doesn't know how long he will live.  

im James 37 divorced male from Oh i worked in construction for several years im a single father my passion is to become a real estate investor but i need a mentor to show me the ropes a partner and a friend can't do it alone i have money saved back good credit but noway of knowing how to proceed ive read books and would love to work with good honest people i guess im looking to just be the father i always wanted to be to my 3 daughters i lost my house my job my family my mother had a massive stroke and later found out she had cancer id give anything for a chance and believe God led me here for a reason