I would stay out of really rough areas in expensive cities because those are risky and can be management headaches.

If staying in the deal isn’t ideal for you, an equity buyout by your partner or another investor could be the simplest path.

We rent and treat our tenants great expecting them to stay for 5 years.

Your clients should focus on properties with significant equity potential and work with experienced contractors to stay within budget and timeline—especially with borrowed funds on the line.Avoiding Bad Deals - Encourage them to work with experienced agents, contractors, or mentors and always run multiple scenarios, including worst-case outcomes, to stress-test their numbers.Reserves - Advise your clients to keep a reserve fund separate from their loan for emergencies, unexpected expenses, or delays.

It's also important to look at the statistics of length of stay for that region.

As for your specific scenario, I would encourage you to reach out to a professional to guide your tax planning activities ASAP.  

To me the value in diversification is that it helps nudge you to look for other opportunities and revenue streams where you might otherwise just be content to stay in your lane and then you'd never find anything new. 

I have purchased the following books:ABCs of Buying Rental Property The ABCs of Property Management The ABCs of Real Estate Investing The Advanced Guide to Real Estate InvestingThe Book on Investing in Real Estate with No (and Low) Money DownWhat order do you recommend reading them in?

I've seen landlords live in blissful ignorance for 5-10 years due to dumb luck, then their world comes crashing down and they lose everything.I have a book, there are some in the BP bookstore, or you can check out one of my personal favorites, Every Landlord's Legal Guide by NOLO.

If she wants paid for canceled appointments, then I would suggest you look for a new cleaner.My policy is to keep all funds if the guests cancels within two weeks of their stay, unless I'm able to rent to someone else for the same period/rate.