Reduce that 6%+ rate debt, keeping enough dry powder just in case. 

Maybe it was dry that day but now when it's raining there's water in the basement... 

We're starting to split hairs here but this is a great discussion. 

What would you do if your water source became contaminated or your water source dried up?  

It makes sense to invest in vacation rental for the benefits of rental income, appreciation, and a place to vacation (I mean, "check on the condition of your investment). but the initial capital and monthly outlay is intimidating to think about if vacationer's disposable income dries up. 

Agree with above - And yes, replace the carpet.You will also have to closely inspect the baseboards in the area as well as lower levels of the dry wall.Also. if you have any floor vents, I'd bet a nickle they are trashed as well. 

Master Lease purchase price: $500,000Monthly rental fee: $1,200Sublease fee to dry cleaner: $4,350Net profit: $3,150My Intended % of down payment for purchase: 15-20% Loan amount: $400,000-$425,000QuestionsAre there Any lenders for this type of product?

To make $500k as profit, or salary means selling a hair under $30 million in sales volume.

Market rents are $2300/mo and post construction appraisal on a dry lot is $375k-$415k.

Asking if you color your hair or where you like to go dancing are personal questions. :)