Sometimes you will do bad and you will be stuck holding the bag and NOBODY will bail you out.If he did a great job give him more business, pay him on time, answer your phone when he calls, and support his business.

You could even negotiate into the contract that if the neighbors qualify you don’t have to pay the full leasing commission If needed some cash you could always do a cash out refi and take a small amount out.

I am in Cape May, and we are allowed to do as we wish down here, although the season is a 7-day minimum.You actually stand to do well and have less expenses and wear and tear from multiple turnovers, but those 30-day tenants don't grow on trees, so you are going to want to market hard.Please tell me you aren't relying on AirBnB in NJ - Tenants pay 20-30% more here and you get none of that overage - booking direct saves them that service charge and taxes, so you could actually up your rent and collect more yourself and they'd save $$.

In fact, you should pay for property maintenance, not expect the tenants to do it.

Meaning that if your expenses exceed your expectations, or your vacancies/non-pays exceed your expectations, and you don't have enough buffer in place, you'll have to come out of pocket to avoid losing your assets.

I guess the proxy might be what the person is paying now provided this isn't their first. 

A 1031 exchange is a tax-savings strategy that allows investors to postpone paying capital gains taxes upon the sale of an investment property by reinvesting the proceeds through the purchase of another property (i.e. a like-kind exchange).

This is perfect being 2 doors down from where we live so we do not have to pay cleaners and property management.

Section 8 can be great because the tenant is only paying a portion of the rent, but managing the tenancies is not easy, especially a hard no from out-of-state.

Are they paying double market rent?