Ten of them, $200 and you'll have 20K worth of knowledge to put in practice.PM me if you want more info/assistance. 

This includes (but not limited to):-Quiet Hours-What spaces can and cannot be used-Guest policy (make sure to limit days in a row and in a month)-Pet policy (even if you don't allow pets, if someone has an ESA animal, it would be good to have guidelines in the event they surprise you with one, otherwise you are SOL and of course take into consideration fair housing laws)-How is trash put in the cans (in bags, not just thrown in) and when can trash cans be taken to the street and put back-How is the late free structured (one time flat fee or a daily fee)2.

You can still put them in collections, you don't need a judgement to be put in collections. 

We found the deal off the MLS there was an investor/realtor who owned it (inherited) and didnt want to bother with reno so we took it off his hands for $175,000 put in $90k/$100k & ARV $350k-$365k max.

We put in around $30,000 to replace the roof, floors, paint and kitchen.

We put in around $15,000/$20k worth of construction & furnishings to bring it up to Airbnb standards.

The overwhelming majority get tossed in the trash, but some get put in the desk drawer. 

The result is some other LL will likely get stuck with her and put in a similar situation. 

My sense is that Steve is running into quite a bit of this.Jay, the answer to your question of if I know any $200K and under locations here that would make sense as an STR, yes, I do, but a lot depends on how the property is marketed, how it is furnished, to whom you make it appeal, how long you have to build up your business, how much work you're willing to put in.

If so, any suggestions of what to put in the letter?