Make it a point to sit down and review the different real estate investment properties you can invest in (single family, mixed use, office building etc), talk to industry professionals to understand the real estate market, research industry trends and available properties, work out your budget for this investment (an example of some expenses to consider can be found in our article on house flipping expenses), and come up with contingency plans in case things do not go according to plan.It might sound like a lot of work (and it is), but you will regret not doing this should your expensive deal go sideways and you are left scrambling to find a solution.

Sounds like a great deal.

@Travis Schmidt, first I would carefully evaluate the repairs and the costs because that sounds like an EXTREME amount of damage based on those amounts.

Don't underestimate any of these variables in order to grow on AIRBNB- Research the market- Present the property attractively- Establish Clear Policies and Effective Communication- Keep the property clean- Know the local laws and regulations related to short term rentals.Remember that success on Airbnb is often based on attention to detail and providing guests with a positive and memorable experience.Did you find this information helpful? 

This sounds more like you want the income stream than need the income stream. 

@Vincenzo Campaniello yeah, sounds like you are completely lendable to me.  

In this case it sounds like they've been communicative. 

But "Bob" started a 6 month renovation that extended into 7 months and with preparations and exit it effected property performance for 9 month's of the year.

It sounds like you plan to use it yourself in addition to renting it out so you will get some use from it of value.

The investment first needs to be sound and the tax benefit is the cherry on top.