Just wanted to prove to myself that I could get in and get out with minimal liability and investment.. not to mention minimal time applied to make the deal happen from start to finish.

If she still tries to stop you, mention you'll need to get the sheriff so you can enter and you will begin eviction for breach of contract.

You didn't say what your credit was, but if this is your option based on credit, it might serve you to wait a few months until your credit is at least 660 where you have MUCH lower costs available to you.

The 2 areas where I invisted are places that we vacation in personally, but I also know the history of rentals for 10+ years. markets always shift so spending time and studying markets is great advice as Collin mentions.

Here it mentions how to use an LLC properly for asset protection: Worst: – No coverage, held in your name.

You'd have to wait, and it better actually if he 1031'ed into a new property and then lived in it...Otherwise, just another investor who didn't think through his exit strategy and unwilling or unable to pay the tax for his gains...Good luck.

Depreciation recapture is something that real estate investors need to also be aware of when they execute a tax strategy similar to what Desiree mentioned above. 

There is an immense amount of wisdom in the replies to this post, I hear a lot of positivity overall with a solid sprinkling of caution.I also question the validity of the agent's scenario you mention above in regards to taxes - you should speak to your CPA on how this purchase would impact you. 

And later on, take advantage of the 1.1 acres and put up Yurt/ Dome / Tiny house etc as a glamping setup.Pictures:The 3d model Front view ( The barn with loft)Right view (Barn, Kitchen and .. the back part I lovingly call, the pizza) == also, what i plan to do with it.back view ...Current view and the Planned renovation viewThe left side view Location:115 miles from NYC ( 140 minutes)12 miles from Woodstock and Hunter ski mountain. ( 25 mins)8 miles to HITs Saugerties (15 mins)25 minutes to Hudson.The cities I have just mentioned are the TOP Airbnb locations in Hudson Valley/ Catskills as listed below. ( I wrote a scraper program to get all the Airbnb data) city Total number of homes on airbnb Total number_of_reviews average number of reviews Woodstock 141 7720 54.75177305 Hudson 142 6636 46.73239437 Phoenicia 57 3458 60.66666667 Saugerties 125 2983 23.864 New Paltz 66 2237 33.89393939 Beacon 54 1860 34.44444444 Catskill 45 1761 39.13333333 Hunter 79 1445 18.29113924 Rhinebeck 48 1413 29.4375 Kingston 62 1380 22.25806452 Kerhonkson 32 1293 40.40625 Accord 29 1275 43.96551724 High Falls 20 1122 56.1 Tivoli 14 940 67.14285714 Olivebridge 13 886 68.15384615 Rosendale 16 834 52.125 Cold Spring 19 813 42.78947368 Athens 11 803 73 Mount Tremper 23 762 33.13043478 Stone Ridge 17 742 43.64705882 Windham 60 740 12.33333333 Germantown 34 718 21.11764706

I've never heard anyone mention the ability to screen Airbnb guests.