I want your honest opinion on short term rentals vs long term rentals I've read the pros and cons to short term rentals were you get a daily rate they tend to generally make more money but the owner is responsible for utilities .

(BTW, the owner is completely broke to the point where he had all utilities in the home turned off at least for the past year bc he cannot afford to pay them.

I have no clue how much this bill would be in your area)Trash $- Heat/Utilities $- HOA $- Cap Ex and Ops $200.00 (This the fund that will replace common hallway lightbulbs and the roof eventuallyInsurance $125.00 (assumption)Mgmt Fee $300.00 (10% of total rents.  

Hi Scott,There isn't a whole lot of information to work with in your post without knowing where the home is located (to see if your rent estimate is good), whether the maintenance cost is reasonable given the age/condition of house, etc.The two main questions I'd have on the info you did provide are whether you're accounting for vacancy, utilities, and property management costs, even if you're initially expecting to self-manage.Regards,Mike

You definitely don't want them cutting off the utilities for that long.You could also ask for the rent up front for the time he will be out.

Some examples:--Contact township regarding permitting process--Meeting with attorney to draft rental agreement--Contract with construction company that covers scope of work and timelines--Turning on utilities!

Even if the use is authorized, what do codes say about utilities, entrance and access?

Title companies insure from the last insured transaction, called a "starter" and utilize reciprocal arrangements with prior insured transactions"In order to satisfy a title underwriter the a secured debt has been paid and eliminated as an exception, besides an affirmative response from the lienholder, including a demand with a zero balance and release and satisfaction or reconveyance, you can alternatively move the risk elsewhere.

Current owner was smart so the lease requires the tenants to pay all utilities.

My schedule E shows rent income, and after expenses such as repairs, taxes, utilities, etc, I ended up with a net loss.