Keep in mind using it should be a relatively short-term exercise especially when it's tied to your home.   

It is a little more risky though since it is possible that the tenant might not exercise the option.

@Ulysses Pagan it is cool that you went through this exercise.

It is my first deal, so I am looking for a place that won't require a great deal of work up front but still offers some room for cosmetic enhancements to increase value.

. :)You asked a really good question because from what I've seen all of the training new agents get for real estate consists of a) the real estate exam, which in real life teaches you very little about how to do real estate on a daily business, and b) tons of advice on marketing and getting sellers to agree to 'your price' and 'your marketing plan' - without ever actually teaching new agents how to correctly evaluate a home's market value or come up with a value-enhancing marketing plan to begin with.

Only the specific Exclusions or Endorsements the specific insurance companies add.The advantage to going with a CBIZ or Proper, is they have the Endorsements the enhance coverage for a vacation rental that are typically not on a generic Landlord policy or Commercial General Liability.

Getting to control the design based on how we want the end product to be used and interacted with, how it effects the environment and how it enhances the local community versus just getting as much profit as possible is something architects dream of for a client like that.

If you break the rules of the contract, the lender may exercise to call your loan.

I do have a dependable housekeeper and maintenance guy but I am very OCD and always updating decor and doing little projects here and there to enhance the guest experience and I am concerned that without my hands in things I will not be able to operate at the same high level and was curious what results others have had with long distance.I am aware that there are turn key vacation rental companies that will reply to messages and schedule cleanings and such but I'm not interested in those.

In general, if the work was done correctly it should not be very expensive and more of a dotting the "i"s and crossing the "t"s exercise.