However, there is no specific holding period contained in the tax code or regulations and there is no "safe harbor." 

Offering 50% of the cleaning fee for cancellations within 48 hours seems like a fair middle ground.You might want to set up a clear policy with her going forward so everyone’s on the same page for situations like this.

I’m writing to get general thoughts on this situation.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

This specific deal was a close friend's apartment that he was renting.

You need to have reserves in either cash or credit regardless of the situation. 20k can go away in a blink.

You also may need to start with more capital so you are prepared for unexpected situations.

I’m unfortunately in the same situation.

You're definitely in a unique situation, but there are some SOPs that apply here. #1, know your guest avatar.

Responses like this are good for me because I am pretty uneducated on things like specific loans or qualifying requirements.