Hi Casey, rental income isn't as passive as many people think.

I know there are risk involved like market down turn, not selling for ARV, higher than expected renovation cost, etc, but I'm really worried about people just taking the money and running away with it.

Here in Texas, most people wait until a storm knocks the roof out before replacing it. 

Where people are paying 700k and likely going to bid over hot, sultry properties like this. 

This is also why people who put properties in a LLC and self manage think they are good - well if you as the pm do something you are the pm so you get sued so you end up liable…

You've found a great community of people and resources! 

So many people focus on interest rates of current vs interest rate they will pay on the next.

I was hosting and sitting there while people walked in and out.

If the owner was responsible for the booking, and you are simply taking care of people as they are there (you mentioned that it is a BnB), AND your contract does not state any terms for canceling they probably can do whatever they want. 

There may be some people who are late and you might be able to rent some of the rooms.