So your capital gain when you sell this property will be calculate against your tax basis and not against your mortgage as many investors expect.

Is this property in TN?

I know a common practice (at least for syndications), is to create a separate LLC for the property and then raise capital once the deal is already under contract.

It's the cash you put in that's your cost for the property. 

If you decide to sell and find an investment property with a greater cash flow potential.A 1031 exchange would allow you to indefinitely all of the tax and use it to your advantage to reinvest into larger nicer property/properties.

The guests have a credit card on file and your policy should allow you to charge for damages or excessive cleaning.

I searched for properties that stay on the market for a long time.

You also want to see a reserve study and only invest in a property where the HOA is at least 30% funded, less than that is assessment territory. 

What would you do if the smell was coming from a property not owned by you?

Can anyone recommend a HELOC lender for a SFH investment property in Los Angeles, CA?