Also, if the property appraises for 900k, would the 100k built in equity satisfy the equity requirement or does it have to be new money? 

I originally purchased this house to be nearby my grandmother in her last few years but realized quickly that it was a prime area for short term rentals as there are no zoning rules or permits necessary etc.

Hey @Faiyaz Hashmi & @Ali Ahmed - Here is our local Chicago meetup...we are discussing airbnb / short term rentals. 

Thread here: https://www.biggerpockets.com/forums/32/topics/1199673-i-am-...In this particular case, however, it might NOT be too good to be true, since (it appears that) you will be running that business yourself. 

These days...guests that grumble and complain about everything to try and get money back.

They believe hard money lenders lend down payment money4.

Any company insuring your properties without an inspection most likely has a clause buried deep in their policy allowing them to deny claims for conditions found on the property that do not meet their UW standards and they will deny you claim based on "the house should have not been insured with them anyway".Although the inspections can be annoying look at it from the other side.You pay them 1000 to 3000 a year to insure a rental property where they agree to pay out possibly hundreds of thousands of dollars if it burns down or up to 1 million if a tenant slips on a bananna peel and falls down the steps or the tenants dog bites someone and since you didn't enforce the tenant having their own renters policy to cover the dog bite the landlord's policy is paying out.The insurance company is very much like your rich uncle backing your business venture - you run the business, he takes on the financial risk from disasters, and doesn't even get a say in who lives in the property.Your rich uncle asking you to fix the steps, put up a handrail, etc which is in your and his best interest long term.Do you really want to rent out a property with a busted front step and a bad roof that is going to leak sooner than later?

Lastly, they don't get a hit on their taxes until they receive their money, which is a benefit to the seller that is easily over looked. 

This method helped me connect with other investors who were looking for different ways to spend their money and were interested in passive income.Being a thought leader gave me a stage that made me look like an expert in investing in real estate.

With a solid background in property management—both running my own business and managing 192 doors for a nationwide company—I’m now diving into investment real estate!