In my eyes, you use this property to rent out the rooms, save up as much money as you can, and then figure out what's next. 

I also help them acquire them; usually I'm their eyes and ears.

Something to think about incorporating into a portfolio that's based in more fluctuating markets. 

The challenge with fire damaged properties is that there is more than meets the eye.

Of course like @Don Spafford says, when you are doing it in a big town like Boise, regulation changes can turn your vacation rental into a long term rental in the blink of an eye.

I also believe in local investing and having my eyes on the property, so I want to be within 25 miles of Philadelphia or less.Now that I have my goal in place -- I can focus on acquisition and avenues.

I also have my eyes on few other properties outside of town that are triplex, fourplex, and sixplex.

I'm still catching up on all the options, lingo, and strategies, so thanks in advance for any clarity you're willing to provide.

Bouncing around with no loyalties to anybody will soon catch up to you.  

I may come across as a bit harsh here, but if you just bought the business didn't you analyze the rent and tax situation and incorporate it into your pro forma?