It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

I don't think it works out nearly as well and as often as the gurus claim. 

He claims to have owned "multiple businesses" and "many rental properties." 

The previous owner is accepting some of this wrong doing, so hopefully we will not end up in a small claims court.Thanks 

All too often the claims they make (at least with many of the deals I've looked at around here) are false.

We are PM's and will never claim to be perfect.

In year two, it may still be too high if you claim any purchase- or setup-related deductions during your first year income tax return (i.e. say you net $20K on the Airbnb property, but you claim $8-9K in depreciation and $10-12K in furnishing expenses; the tax record will reflect that you lost money when you in fact improved your cash position by $20K). 

I do plan to move out after my first year and claim the rest of the income that I am missing by living there. 

I would prefer not to kick out existing tenants so would we be able to claim intent to occupy once a unit becomes available?

As it turns out, they are claiming they can't run it through the attic (the attic doesn't extend far enough apparently) and they say they can do it 2 ways - drill a hole in the master bedroom wall that adjoins the guest bedroom where network cable is already laid.