Don't forget Nazz Wang BP Episode 148 BiggerPockets Podcast 148: From 0 to 51 Units Despite Living in a Crazy Expensive Location with Nazz WangI also recommend @Dawn Anastasi's e-book on Milwaukee areas to start. 

If I were to manage it myself, and have an occupancy of equal to or less than 7 days on average, would I be able to take the expenses that I have incurred in fixing up the unit, furnishing it, and marketing it and write this off against my W2 income? 

You could save enough in taxes to offset all your living expenses. 

- we have a separate business bank account that we could receive payments from - we have tracked all renovation costs and expenses, though they were done personally and not through the business

- we have a separate business bank account that we could receive payments from - we have tracked all renovation costs and expenses, though they were done personally and not through the business

That really helps and isn't very expensive to do. 

Sucks, but it's fast and less expensive than getting an eviction started.I was in this situation before where a previous owner did NOT have a post close stay in the contract but the extended family decided they weren't moving out.

Plus with commissions, you have write-offs for expenses to reduce your tax burden. 4.

The unfortunate truth about cheap properties is that a hot water heater and a roof still cost about the same as a proprety in a more expensive areas so your repairs/vacancy/capex is going to eat up a larger % of the gross rent than a more expensive property even though the $ might be similar.

I’ve been saying for many months that I did not see a path to dramatically lower interest rates like government officials, the media, and many real estate pros were touting.