Ya have to learn to mitigate multiple hurdles, in addition to making intelligent and educated moves. 

.- Tell them they'll have to provide you with a copy of their renter's insurance naming you as additional named insured, with a minimum of (I use $300,000) liability insurance, also before they move into the unit.It's not perfect, but it's a start toward a tenant transparency.

What I found was, yes it was nice have additional income, but each project seemed to always interfere.

We have been working to be extremely conservative with our estimates but with this being our first go at this, any additional expertise is greatly appreciated! 

Additionally, the replacement property must be real estate to qualify under IRS rules.

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

I did just have my first GVR guest (arriving 1/14) ask me for one additional bath towel and face towel for each of the 3 guests.

Additionally, she stated she doesn’t want to pay either.

In addition, you'll have depreciation recapture at rates up to 25%.

In both you are now paying taxes on an additional $1K/mo.