It resulted in his guest trashing the basement unit, them getting physical where marks can be seen on both people, screaming and yelling that took place in the back yard, and the neighbors waking up and walking near the backyard to side with the guest the tenant had over.

Although most hosts don't allow it, they're leaving lots of money on the table.Tread cautiously as this does violate many platform's terms of service.Additional steps are required to protect yourself, which I'll review in the Drawbacks Section of this postGoogle SEODepending on your niche and location, you can rank on Google Search for "rentals in your city".

Some may also require 12 month seasoning 

Not care, introduce legislation to bridge mortgage insurance requirements with lack of providers, get in the insurance market themselves?

Ask them when they issue distributions (anything before the 15th of the month is a red flag), do they require reserves, how is maintenance charged, do you see copies of outside contractor bills, do they upcharge materials (PM's have LAR accounts with Lowes and often get 20% off), do they keep all late fees or just the management fee, what other fees do they charge (renewals, inspections, etc), where are tenant security deposits held, how are evictions handled and are you consulted before filing, what screenings do they run, what qualifications do they require from tenants, ask for a couple other owners to visit with for a reference. 

That required $305k total as down payments.

You'll be required to pay annual dues for MLS access and to keep your license active.

Also check for two means of egress in that basement you want to convert because fire code will require it.

Hi Steven, the best hard money lender will meet the following:1. be willing to work with you (ie lend you the money)2. give you the best rate and terms3. require minimum paper work from you 4. minimum collateral5. they have deep pockets Once you find a good hard money lender, make sure you treat them right.

Network as well and go to local real estate meet ups.For funding: you can HELOC, find a private lender to lend you 20% down, find a capital partner, or just live below your means for a little while and save till you have the 20% down (can go higher or lower than 20%, but 20% is generally required for fix&flips & BRRRR loans if not going conventional).