A very prominent loan officer in NJ was charged recently for helping borrowers do just this. 

Many Loan Officers like to BS to get a client in the door.

The fact that you are working with a loan officer who is coaching you on committing fraud, you may want to change your circle of influence. 

On VRBO, when we set up the listing, they didn't have a "loft" option, so I think it's considered office space which led to some confusion or set up as a second living area.

I find it so much more valuable to calculate expected revenues and expenses associated with the property and go from there.

If LL uses accrual method, they can book revenue without receiving.  

But its definitely one of the three issues.  500k houses should generate at least 10% of revenue all day long or you should sell the property there and buy somewhere else that gets that.I would actually guess if you're open to all areas, you can find something that hits the 12 to 14% revenue. 

Also check with Cuyahoga County Office of Homeless Services.

This indicates a strong market for short-term rentals.Revenue: The average revenue per available rental in Red River Gorge can be estimated using tools like AirDNA.

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