If it doesn't cover the entire cost, send them a bill with 30 days to pay in full.

Not knocking Michael Blanks whatsoever bc that dude has it going on too.. but Tims operations and the way he structures every single deal he does seems a much safer, predictable route than majority of syndicators.

Both him and his wife currently own the property in their personal names and plan to maintain that ownership structure when selling the relinquished property and purchasing the replacement property.

However, the previous owners updated the electric, plumbing, roofing, and other structural things in the home that kept the foundation stable.

I would expect to be provided with the tenants full information including application and all reports/information that was collected.

With less competition, if you have good theming and design then it'll be easier to charge a higher nightly rate and keep your property full which will make it more profitable.

It would be very easy for him to file a lawsuit and without a full and complete inventory of what you have, how do you refute the inevitable accusation that he had some prize art/antique/original Nintendo, or whatever in the mess?  

Full disclosure I haven't bought my first property yet. 

Should the time 0 investment only include the cash investment (down payment) or the full purchase price (down payment AND mortgage amount)?

I am brand new to the real estate investing world and discovered this amazing community when I figured out I was wasting my full potential with my 9-5 w2 and knew I wanted more!