Also, this structure will not help a company skip out on taxes at the corporate level, such as capital gains and corporate taxes.

I believe AirBnB takes care of this where VRBO is just a classified ad site.We haven't seen much AirBnB activity in Utah, but places like SF are famously changing city ordinances.Most Utah cities have approved zoning for lodging like Bed & Breakfasts, but they haven't addressed week long accommodations.  

When I got home, I explained to my wife that I figured there would be little point to going to the rest of the seminar, so I've skipped out on the rest of the training.

While the original poster of this thread might be fortunate enough to be able to skip the preparatory steps, odds look against it.

For the sake of time Ill skip most of the story =P.Long story short, after meeting with legal counsel, I now have a viable business plan, a VERY reasonable way finance my flips, and what I believe is a good understanding and education to start with.

You should never get a text saying that your tenant is $25 / $5 behind on rent ... he should continue to follow the agreement listed in the contract (aka initiating a late fee) until he gets the full amount.It sounds like he's waiting for you to say something like "Oh that's fine ... just skip the $5."

I'll skip the math, but yes this will be a factor in your DTI.If your tax returns say that the property bleeds money, it'll kill your DTI no matter how much you are "actually" getting in rent from the tenants. 

You probably wouldn't get that written in a newspaper ad and tenants will skip over that part on a Craigslist ad.

I'd bet he isn't making the $ he claims.There's more but I have to get up and make breakfast.  

@Dillard Stone   Sorry, I might have skipped a few steps.