I could have just offered 3% less and the broker is instead taking that as a commission.We luckily won the auction anyway but I still feel that I was robbed of 3% of the purchase price, or at the very least she put our deal at risk by knocking 3% (thousands of dollars) off of my bid while letting me feel clever about bidding a piddling $50 more.Is this common practice?

I’m a resourceful person; I can find quick and clever ways to overcome difficulties.

Who cleans, replenishes linens and paper goods, inspects after each rental and more. 

In my opinion properties well suited for vacation rentals have:A great location for touristsNear outdoor / recreation destinations (beach's, ski resorts, etc.)Near nature (on a river, lake, ocean, etc.)Or perhaps a great location for business / corporate housing (Downtown, near major companies, etc.)Decent demand year-round (If it sits vacant 40 weeks out of the year you would be better off with a long-term tenant).Great amenities (WiFi, TV, Furnishings, Linens, Coffee, small appliances, etc.)Accept credit card paymentsPool / Hot Tub is a nice bonusOutdoor space at the property (Deck, balcony, patio, BBQ area, etc.)Pet friendly (not required, but will get you more interest)If your property seems to meet many of the above characteristics it is probably well-suited for a vacation rental.Some major differences you will need to figure out (compared to long-term)Who will do routine housekeepingHow will you get the guests moved in and out (lock box, in person, etc.)What laws govern your locationsWhat tax implications (bed tax, reporting, etc.) will you have to figure outHow much extra will you need to charge to make all the above worth it.

We scrambled around town looking for deals and using a few personal items, like a bedroom set with an old mattress the we repurposed for the staging with new linens, some new items like a sectional and table, and rugs and accessories we borrowed and bought.  

If I am clever and put aside money for vacancy and repairs (I've been stupid in the past regarding this!!) 

Capping all plumbing and adding a nice, big linen closet (closet space is somewhat limited given age of home.Other decision is to keep above ground, in basement oil tank or converting to nat gas.  

Because he is clever or has a clever attorney.

To get back to @Jeff Rabinowitz original post, after initially investing in properties within the city (Zips 48223,48235) for long term buy and hold, and experiencing firsthand all the unforeseen complexities that go with that strategy in Detroit, I am taking a step back and reconsidering - looking for cleverer routes with the right partners on the ground.I think that both the suburbs and the city proper have great opportunities (and am considering further opportunities in both)  but not necessarily the same strategy.

The contract stated that the closing would take place on or before October 6th, but I requested that they do it within two weeks so I can come back to the states, start getting the place fixed up (it needs power washing of vinyl siding and some trim repair outside, and repaint and replace grotty bedroom carpets with laminate or hardwood to match the gorgeous cherry floors in the kitchen and living room)then head to West Africa for a couple of weeks, then return to the states, finish getting it ready to rent (furnishing it, mostly with craigs’ list stuff except for beds and linens) and put it on the AirBnB market, then head back out of the country again.All in all, I felt ok about the price-I saved around $2,575 by letting it go back to auction and waiting through several rounds.