You can secure the property with a promissory note drafted by a lawyer or a title company, but keep in mind that “taking back the property with the note” as it is often pitched by gurus is not always actually that simple.

It is a simple value add.Get the permit and enjoy an easy value add (assuming it is close to $8k).good luck

I don’t have an STR myself but have helped a friend set up and manage a couple last year and it’s not as simple as it used to be. 

Your mentor has needs; try to meet them and develop a mutually beneficial relationship.A mentor can benefit your growth, but it's not as simple as one post on a forum full of strangers.

I am the only real estate investor with my bookkeeper and at first she thought this was a little overboard but once she started setting rules in Quickbooks to simplify her work she quickly realized how simple this method makes things.

It could be something as simple as a toilet running. 

Do plenty of research and find out what other mistakes have been made in your are and learn from them.Both are great options but maybe doing a simple pros/cons list for both STR and LTR.

If you are new to this particular strategy, you might be confused, but this is just a simple strategy that you need to understand and be aware of, most particularly if you are an investor or a shareholder.

I know I can go through a lawyer but I was told it is a fairly simple process hence want to DIY.Regards,Xuming

It can be a simple one page contract b/w you too at an agreed upon rate.