Taxes and cleaning are direct pass thru expenses to your guests.Have a plan for when something doesn't work (furnace, guests can't get into property, water in basement, etc).Keep us posted, it would be great for you to start a blog or diary here on BP for us to follow your progress!  

If the need for repair isnot due to damage caused by Tenant and/or their guests, Landlord agrees to payfor the repair. 

Where would guests coming to your property come from?

:))Definitions do exist in the regulatory world of finance, a private lender is based on the exemptions in the Securities Act and banking regulations as to the type of lending that may be accomplished without regulatory oversight or compliance with institutional requirements.A private lender must conduct their lending activities within the scope of the exemptions, if they do not then they default to another lending status, usually to a broker or a lender lending to the public.All of the exemptions must be met to identify a private lending status or activity;Personally Known: This includes family members, persons known by the lender through past social or business dealings and the past interaction of the parties must be significant, not just someone you met last week at an investor club meeting.  

Guests have to pay in full when they book through AirBNB or other service so we know AirBNB is making a killing off the interest on fees they are holding in escrow.  

Both have been mentioned numerous times by guests on the Bigger Pockets podcast and I have detailed notes to both books.

There might be a handful of people in the nation that fix and flip successfully and thats it, no other business for more than 5 yrs.There are hundreds or more likely thousands of investors that buy, rehab and hold successfully and have a pot of gold in their portfolio that keeps growing.

You could strike gold and make it happen relatively cheap.

I own a house in California which has two guest units with renters that pay half of my mortgage.

I was wondering if anyone knew the difference between that status meanings when looking at a sheriff sale.