Actually, I did attribute the coaching fees over 6 month period and thought it's fair for someone like me with no experience in STR at all to start off and have the resources, design, coach, mentor all under one roof to give it a good shot. 

Direct expenses are expenses directly attributable to the rental units (ex: rental unit repairs/cleaning, advertising, rental adm exp, etc)

i haven't read your book, but i've listened to all of the podcasts you've been on, and you talk about the importance of the character of GPs. 

I find that Bigger Pockets is a very high integrity/character company and generally does a wonderful job of weeding out the huckster gurus peddling their wares to folks that need a shortcut. 

I truly believe that how I run my properties and take care of my tenants is a direct reflection of my character and work ethic. 

I am a sucker for houses with character/old houses, so I had my eye on it;) How did you find this deal and how did you negotiate it?

It can happen financial freedom but its a long game and its a business like any other you need Know how but more important to know how you need the three CsCapital  Capacity and Character  and maybe a 4th one Credit. it all have to be there to really get going.

., must share certain attributes (bedrooms, bathroom, etc.).T3: Compare property typeIn "The Book on Flipping Houses" by J Scott, it mentioned about adjusting the value of the comps to ensures that they resemble the subject property as closely as possible.

The toothless homeowner taught me so much about humanity and character as well as what people are will to do and say to keep their house. 

I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area?