The few rules, may be missing some, to manage STRs:1)Own the listing2) The asset acquisition is the underlying investment.

Never justify a bad buy because the financing is some jazzy BS. 

That's why I am here. first thing I learned in RE is I for sure dont know everything and very few folks do.. we are all learning even at 50 years of doing deals I learn new things every week.. thats why I am on BP you have also 50 states rules and laws are not nationwide so I like to know how each state works when it comes to transactional real estate and development.

Share your comps with the appraiser during the refinance stage to help justify your ARV (After Repair Value).

Also talk to them and see if them paying on the 1st and 15th works better for them (if they are paid twice a month), but explain that the late payments need to stop.If you don't renew their lease, check your local laws to see how much notice you need to give and what the rules are.

There is a world where you could use a HELOC, but the line of credit you'll be able to get won't be big enough to justify the labor that goes into underwriting and servicing. 

I am not sure of the STR rules for that, but I know SLC has not rounded the Western states curve yet and caught up to Oregon, Cali, and Washington. 

In 3 weeks he's not going to have anyone either or any evidence, at which point any reasonable judge is going to be pissed and rule. 

I've heard at least some of this before, but I'm paranoid and don't necessarily take the best notes of what I bought etc, so the physical receipt is a nice tangible record if I ever need to justify an expense. 

Asking in the correct forum will get a better response.Read the RULES!