Aside from time and labor I now have nothing invested, even will get $7k additional back and retain $57k in equity.I’m not going to throw out cashflow numbers since everyone tends to calculate vacancy, repairs, capex differently and I don’t want to get off track.

A tenant with an 800 credit score earning $100k/yr is a much lower risk than a tenant with a 550 score working at MacDonald's.Know the laws, processes, and requirements for serving proper notice to tenants who don't pay.Be prepared to use creative solutions such as cash for keys and early termination agreements.Have an attorney who specializes in landlord-tenant law in your state on speed dial (if not on retainer) to assist with evictions and other legal matters.Consider investing in more landlord-friendly markets. 

@Josh McCallen It depends Debt allows you to retain full ownership, equity takes a piece and gives it to investors.

They just put me in contact with their lawyer who required a retainer just to initiate looking into it. 

There aren't caps on STRs like there are now in places like South Lake Tahoe or Palm Springs, but there are still some legal hoops to jump through.I believe urban markets tend to be less friendly to STRs, as the housing is generally more regulated and neighborhoods have an interest in retaining long-term residents vs. seeing people come and go on a daily basis.  

I found a really good attorney with no retainer fee who’s great for bouncing ideas off of, PM me if you might need the reference.

On a $200,000 investment, you put down $40,000 and retain the additional 5% or $10,000 as a reserve to cover unforeseen issues that almost always pop up.

Additionally you continue reap all the other secondary and tertiary benefits of retaining that property over time.

Security Deeds are variance of a Deed of Trust whereby the Mortgagee has legal title and the borrower retains equitable title with a right of redemption.  

It is a lot of information to retain and the longer it takes for you to take the test, the more of the information you will likely forget.