Joking aside, I am really interested and eager to buy properties that create cash flow and also build a unit on the lot that came with my first home purchase.I want to stick with what I enjoy which is finding the deals and making them happen by connecting with people, but avoid being a landlord for now.

Hi, BPers....I am a Bostonian who is thinking about buying my first rental property in Maine...ideally buy and hold for VRBO (as I would want to use them off bookings as my own vacation home).

I hear the success stories about people retiring at 40 traveling the world sipping margaritas enjoying life.

As such you do not have to give the written notice to vacate and then wait 6 months before filing the ejectment lawsuit, you can file immediately.

In August 2016, less than a week after buying the property we left for our long pre-planned vacation to Colorado.

It needs some things and I'm actually enjoying some of the DIY parts, though long term I intend to get reconnected to the trades and hire all work out.  

. 😀 Hope your enjoying your trip Rose.

That gets me to my catch 22.My wife and I are hoping to get into VRBO world so we can enjoy and make more cash flow than we are currently making, but I'm wondering if we should put that off 18 months, rent out the property again and then reconvene at a better time or suck it up, lose a few thousand off the asking price and get moving on our goals...Financials - We owe 143,000 on the house (refinanced to conventional from FHA right after the seasoning period), it rents for $1850, mortgage, taxes insurance, HOA is $956, we just sunk $11,000 into carpet, paint, landscaping, replaced a vanity to get it ready to sell and I fear renting we might have to redo a couple of those things. 

Would it violate any tenant rights or state laws to simply offer the tenant a renewal contract as the new owner or a notice to vacate knowing it legally has no claws and teeth?

We decided to use it as a vacation rental to offset the costs of owning and maintaining it.