I believe high demand will continue in the future and vacancy will be limited to less than a month (in 5 years of ownership and 4 tenants, turnover vacancy has ranged from overnight, to 1 week).  

I'm approaching this whole project as a big learning opportunity, to develop a skill-set I can use for future projects.I have a lot of fun plans for the garage of this property, which is huge, insulated, and has a bonus room, as well as a good structure for a garage-top deck. 

Contact me privately about the credit issues.Word to the wise for future reference, NEVER fall for the old "you can refinance" trick!!!

Could it end up being problematic in the future if not used, or would the work required to undo it be too significant?

Flip= break even , Rental= long term profits on amortization, potential future cashflow as you mentioned, and hopefully appreciation.

Nashville has outlawed this year all future absentee owners for Short Term Rentals except in the commercial district downtown.

Take the breaks when you can and worry about the future taxes later.

To be honest, the rehab spooks me a bit as Burlington proper has loads of really old homes (100+ years), so I'm prepping myself for that hit ... but honestly, that's Future Joe's problem.

So while I'm saving and searching for the right property to have as my first investment, I've been doing tons of research and began listening to the bigger pockets podcast which led me here.I currently manage the service end of a new car dealership, but am looking toward the future and some day retirement and want a way to secure financial freedom.

Can't make it this weekend but will look out for future meets...