GerberI usually recommend people read the E-Myth an then read Traction.

Build up your cash reserves people...

We had major problems with Airbnb and VRBO not covering damages to the home after many phone calls and being on hold for hours switching back and forth to many different people.

Just like any business you might bring in $100k but have $50k in expenses.

Gilda, All expenses paid after the property was ready for rent would be deductible as a business expense. 

If you want to use a HELOC to get an investment property, that's ok, a lot of people do that.

I have invested in or funded (equity & debt) thousands of units in dozens of states with or on behalf of a variety of domestic and non-U.S. private equity funds, family offices, and institutional investors, and also co-founded / operated several businesses.

@Travis OglesbyGet an attorney to write up the agreement between people whose it as it will list maintenance requirements, putting money aside for repairs etc and who does what.You will need to get everyone to agree as well.

But, people familiar with the market know that is a $500k property.  

@Drew Sygit I do wonder about people who allow signing without deposit.