Expenses unique to short term rental:- Utilities (trash, water, sewer, gas, internet, tv)- Cleaning and prep- Consummables (soaps, towels, linens)- Hotel taxes (this depends on your locality)Also, to Rob's point, it is more management intensive than long term rental. 

I am looking at maybe incorperating before taking on the task, do you think thats a good idea?

Here's what I know about the vacant home based on internet and paying a title company to run a report for me: - orig mortgage 2005, now assigned to Bank of New York Mellon 2011 - 2nd mortgage 2005, MERS Countrywide Bank - loan servicer is BAYVIEW LOAN SERVICING LLC; they appear to be out of business? 

I read that online and you KNOW if it's on the internet, it's guaranteed to be true all of the times sometimes.    ,-)

I was searching the internet for information on real estate investing.

Some of the budget would be used for an internet presence.

Hey man,I started when I was 19 and the best thing I would think you could do is find out who does what you want to do and do task's for them that they wouldn't mind you doing.Easier said, than done:).

1920's is kind of a new building, I don't think I've owned one that young...With that said I'm not a lawyer or a building inspector and try not to play one on the internet. 

Rub elbows with them until you start a fire (haha).Otherwise, you can always just do your internet research.

It does however help me focus on the task at hand and making the next step.