Why doesn't the note cover the land? 

Inspections--house, termite, possibly separate roof and structural8. 

Two things not covered so far:1) If a buyer challenges a seller-financed transaction, the Dodd-Frank penalty is that the lender must make the buyer whole.

In a previous article, we covered the elements of a quality cost segregation study.

Profitable months cover non-profitable months, so budget and expect it.

Even then, all of my booking.com clients are American I offer a 25% discount 0-3 days out. add a 15% fee which essentially covers your commission. set up with one hour to cancel, flexible / strict option but no refund 60 days out or later. sync it with Airbnb and or the other ones you are doing.

But for large multi-family, that amount hardly covers your legal fees for one transaction, let alone down payment, due diligence costs, lender fees, other closing costs, etc.

The property may not have any vacancies, but if it does, just make sure you have enough reserves to cover that. 

I get an insurance policy for each guest so if they break anything, I feel covered.  

In this market i would only go that route if you have the resources to cover their initial investment so there would be no loss of capital if things go bad.One of the syndications that i am an LP buys MF, rehabs the existing units, converts tbe garages into max number of studios, brings all units to top of market rent, and exits with max NOI.