@Samuel DeMass and Account Closed thank you for your input.

@Scott Hollister, Account ClosedThe gazebo is as mentioned in rough shape, but it's a simple wood structure.  

Hey Account ClosedWhile there is certainly a chance that this won't pencil out, notice that everyone who immediately claimed that it was overpriced resides outside of SD.

It occurred to me today though that we very much use the accounting method for this and take the book value of each of our real estate holdings rather than the current market value.

Judgments are renewable and you can do things like levy their bank accounts to get the money back (plus interest and legal fees too, I think) if you do it right.

Account Closed, there are tons of sources for this.First, I would listen to BP Podcast # 229 with Zeona McIntyre (if you have not already), she speaks to her success with short term rentals, and discusses how she found her properties.Next, I know of two sources that I use for research:1. 

Account Closed Yikes!

I had maybe a couple thousand dollars in the bank account, most of it I always park into the Stock market and I never pull out now because I don't want to get capital gains taxed, and I started to look for someone to partner with on my first deal.This was all about a year ago...

Good question for any accountants on here, a living trust is probably a good idea.

, using your GSI of $50,400/annual ($4,200 X 12) and I used a round 40% for Operating Expenses (includes 10% for Vacancy)..DOES NOT include debt services.