Austin,If you want to chat to drill down on specifics, PM me and we can go from there. 

I say "if you plan to repeat" because the cost and complication is probably not worth it on the small scale.Also, be sure to check with your personal CPA in case there is something specific about your situation that I'm missing.

Here is a specific example I am looking at now:Purchase price: 75kAnnual tax: 1,670ARV: 200kPurchase Closing Cost: 5,295Estimated Repair Cost: 25k----Loan---- (Here is where it gets a little tricky for me, see below)Down payment of purchase price: I am getting offered a HML for 90/10.

A good site I use for research is municode.com to find out all the local regulations we might encounter and if there are specific building standards for Parks. 

Based on “substance over form” principles, it ruled that the IRA did not really own Roth Inc for two main reasons:• The IRA’ were exposed to no significant risk; and• An independent person in the IRA’s shoes could not realistically have expected a benefit.Since the IRA did not really “own” Roth Inc, the income really belonged to the taxpayer – and putting that money into the IRA resulted in a taxable “excess contribution”.More specifically, the court held that a $500 investment, absent any other significant risk, does not give rise to any real risk for the IRA.

Then take out the taxes on capital gains (34k) leaving $376,000 cash after transaction costs and taxes.3) Your other options presented may make more sense, but we don't have all the info in her specific situation to know for sure.

I still don't have a specific place but checking out worcester and places around Boston that I can get a decent return.  

Questions/Advice:-What neighborhoods specifically are desirable as vacation rentals?

I don't have a specific early termination clause in the lease they have signed (although I do have a clause that says "each and every tenant listed above shall be individually liable for the entire Lease Amount and all terms of this Agreement as well as being jointly liable as a group.")

There are tons of posts here on Bigger Pockets about both.Feel free to email or call anytime with specific questions.