Power washed the exterior and we were ready to go.

It makes no difference, it’s all a wash.....your depreciation basis will be purchase price Plus (or less in case of a credit) closing costs, Plus improvements.

You can also try to verify if the son had a prior living arrangement - or was he always living at the home? 

For us, there are no supplies included, we are providing all supplies. they will of course wash linens, refill soaps and stuff and make the cabin guest ready.Thank you everyone for your inputs. much appreciated. 

The result is car washes and laundromats have compressed cap rates to levels where it is difficult to compete. 

It also has a car wash and other commercial properties.

The only issue I have is that dependimg on the deal, it usually ties up the capital  for a minimum of 6  months and I wouldnt have it available if a good deal comes along...then I'd be looking for a PML for the same interest I'm making, so it's a wash.

Airbnb/STR pros:Your property will always be in top shapeMore money (Most important right)You get to meet some pretty cool people (I've met more RE contacts from doing it)Airbnb/STR Cons:Turnovers (work for you unless you hire out)-Cleaning-Washing linens-Restocking suppliesMessaging back and forth with guests (work for you unless you hire out)Those are just a few off the top of my head. 

Steve,Remember, leverage cuts both ways... it's the PRUDENT use of leverage that keeps an investor solvent.

If there's a big difference between your purchase price and FMV the additional costs incurred by doing this are more than worth it, but if there isn't a big difference it could be a wash or cost you more than retaining ownership.You need to look at you numbers to see if it's worth it to go through all that.