Rates are high, usually in the high 8s or low 9s, and you may pay 2-4 points on the loan. 

Their entire business plan is wait a few days to come out, charge  deductible, go back to the office to order a part or two that will come in a day or two.

This seems unlikely in the long run. you are forgetting that someone is paying down your principal for you so you need to take that into consideration. 

Hey @Megan OConnor, I can't comment on the area specifically but it is doable.You need to search AirBNB and VRBO to get a look at the competition (don't forget to look at VRBO)You have to work into your plans the downturn during the off season.

Don’t ever tell your banker you plan to live there.

I plan to put a $600 utility cap in the lease.

I'll subto his existing mortgage and pay off the 120k.

How do you pay for the tax and insurance?

If you are accredited, the best thing to do would be to invest 50k into a syndication and soak up all the knowledge of how it works from an experienced operator before you make the decision whether it's your plan.

So it could take a decade to get to todays market rent. 2) it’s almost impossible if not impossible to non-renew a tenant, especially if you’re not an owner occupant. 3) As a seller, even if I could remove paying tenants I never would without a non-refundable payment from a potential buyer that covers all vacancies for 6 months if they fail to complete the purchase. 4) You MIGHT say as a buyer that’s worth it.