He has someone living in the property (my grandpa's wife's daughters niece) (kind of tricky there) that only pays him at least $800 a month.

3) Price is too high for prospect perception of property value--- Prospects are only willing to pay so much for what a property is.

Would I be making a mistake paying the $997 for the Bnb formula?

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

If you gain interest on the deposit, then you must pay that interest out to the tenant each year which adds to complexity and workload.Any bank should work.

A couple commentors mention, pay a little more, get professional opinion.

Something that when i visit puerto Rico i have a place to stay and that will pay itself off.

If we have to pay for housing anyway, we might as well make the most of it.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

This sounds great, but keep in mind you now must pay capital gains on that profit.