It’s in pretty good shape at this point, rentable.I travel a lot for work, and a friend gave me the idea to do a short term rental as a one bedroom, locking all of my stuff in the other bedroom and office - I applied today and was denied because I don’t own both sides of my HPR, even though I have written permission from the owner of the other half….

I have multiple applicants that have applied. 2 look promising but both want to wait a month to  move in.

It's probably unlikely anything too bad would happen excluding natural catastrophes but why take the risk if the profit potential isn't there?

What ROI do you need to justify the liability and active nature of owning a rental property?

Typically, the same applies to LLCs where you and your spouse are sole members (single or multiple member LLC).

Keep in mind we are a "Mega PM", big staff big unit count, so it's a lot different then the Ma & Pa, but the principles can apply.

Specifically, you could forego hiring a property manager in the first year, as this is when you would want to apply a cost segregation and accelerate depreciation.

I can see how this idea could possibly apply to other FHA requests too. 

@Zach Denny Did you ever put your deal together, if so I'd be curious what the bank required on CLTV and if you had to source the total down payment (PP-First Loan) then apply seller second, or if the bank let you do all that at closing functionally making your DP = PP-First Loan-Second Loan.

You have a natural advantage with other baseball players and providing them leases that fit their needs.Knowing a couple of others who have played minor league ball, your real estate strategy is going to be tricky because you will be very busy with baseball and it's travel.