Either one will entirely eat up their deposit, I'm just curious what to use officially. 

You may eat a loss but it will be worth it in lowered stress and constant money pit that this house has become.

The ability to limit some of your fixed costs (eating, doing laundry) by staying in an STR rather than hotel;3.

If a borrower stops paying on that first mortgage, and then the lender goes to foreclose, any equity that might have been had in the property is now gone because default interest, late payment penalties, legal fees, etc will eat up anything left after the principal balance of that first lien is paid.

If not, now you're eating them (or trying to argue with the tenant in court in a messy, paperless legal battle, where the judge may lean towards the tenant since the landlord has no paperwork to prove otherwise). 

I don’t know how many people reading this lives in Miami but I am seeing the show Shameless in person.Little by little investors are Turning bad neighborhoods into places everyone wants to go.Little San Juan is now Wynwood (Great party spot and high end artists main stops)Overtown is now Midtown ( Great places to eat and shop)Liberty city is now becoming Magic City. ( A lot of new businesses opening up, a lot of Rehabs and New SFR Constructions happening)I started noticing this after a friend of mine bought a cheap lot and he’s putting tiny homes for AirBnBs.

@Jacob Beg "1200 demo for removing flooring" - We just completed demo of two layers of vinyl flooring back to subfloor in a kitchen, laundry, and eat-in nook.

I'm not sure how you have no expenses other than the student load as you need a place to live and you need to eat, etc. 

Monthly debt payments now eat up half his take-home pay.

Its about 850sq ft, and besides two small (probably about 5'x5') rooms when you first walk in on both sides (where the front windows are) it is one big open space.We were planning to wall off the back, and put the bathroom on one side, single bedroom on the other, and then leave the rest as an open space for the kitchen/eating/living space.