Purchase price: $290,000 Cash invested: $45,000 Short Term Rental (Airbnb) What made you interested in investing in this type of deal?

There is a definite market though.P.s. don't fool yourself with the market near term.

Sometimes I'll come across agents who really don't know what they're doing. to me getting a license is like passing the Bar exam  it just gives you the right now to learn how to practice law.. just passing the test in RE in no way prepares you to be a good agent / successful agent thats the next step..

In terms of your grandfather living there as long as he's not the owner having a dwelling fire/rental property insurance policy is appropriate.As @Greg Scott pointed out he should have a renters insurance policy whether or not he's actually paying rent.In terms of liability coverage, that depends on what you have to protect so there's no one-size fits all approach.

I'm not a huge fan of these short term leasebacks as you could have a serious problem on your hands if the sellers refused to move out. 

BP community - I am an out of state investor considering long term rentals in the Grand Rapids area, more specifically Eastown / Midtown neighborhoods.

If you are looking for a more personable setting with no agenda besides helping each other find success and sharing creative Real Estate Investment strategies, we would love to have you! 

Or even the benefits/cons of that relationship being long term?

During this year, I've experienced inheriting a crooked property manager I let go on day 1 that tried collecting rents from tenants weeks after, an eviction (same person) and a successful lawsuit against a non performing seller that backed out the day of closing. 

7 land flips, 2 purchases for long term rentals and 2 wholesale deal closed.