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If a tenant is regularly late on payments, there is a very high probability that they will eventually stop paying or violate the lease in other ways that cost you far more than the late fees you see as "extra income."

Also, with 5-6 bedroom homes you have a greater opportunity to make it stand out with the theming, as many of the HIGHLY themed homes are  8, 9, BR and larger homes.The key to making the home unique is theming, but not just any theming.

You will still be faced with the passive income loss limitation.In my opinion, continue buying quality real estate investments and allow the depreciation to shield your cash-flow.This will allow your real estate investments to grow tax deferred.

The risk is very high when you are brand spanking new and you will definitely need to go through some transactions to get an idea of what you are doing. 

If you're only receiving notifications of properties priced at a million or more, you must be looking in a high-demand area.

Given the high demand for LTRs in your area and Mountain City's tourist allure, a hybrid approach may be beneficial.

By investing in quality renovations, I hope to enhance the value and appeal of my home, as well as potentially lower my insurance costs.Strategic Renovations to ConsiderAddressing Four-Point Issues: I've addressed the issues that needed to be rectified before obtaining conventional financing.

If I could chime in to help in the search:be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise.

Active Market High and/or consistent transaction volume.