Just do your reading, educate yourself on real estate taxes, and follow the instructions from the IRS.

@Edward Stephens, like this nobody ever will get motivated to start something ;-)@Jeulissa Gonzales, he is partly right though.Some things to have in mind when renting by the room is that there are all kinds of different people living in the same house which could get friction (by the way, a lot of times it also leads to friendships or even entrepreneurs that start a business together like it was in my case).

I think the instructions called for luan but I was thinking oil based paint over osb, plywood, or concrete might work and cost less.

I think it is important to have cash as a safety net, but the goal of a real estate entrepreneur is to find and creatively structure deals that can reduce out of pocket expense.

https://www.biggerpockets.com/forums/521/topics/670870-jupiter-real-estate-entrepreneur-and-investor-networking-lunch

I also believe the entrepreneurial spirit of the city is still in its infancy, although we may not end up looking exactly like a Boulder or an Austin, I think Bend will see a higher rate of startups and entrepreneurs moving there from tech hubs on the West coast.  

We all have been instructed to set a criteria for the renters we want to attract and are willing to rent to.  

Although they went behind your back to do this they seem like entrepreneurs also.

I wish there was an instruction manual on the sequential steps to take after buying a vacation rental!

@Joe Capobianco you can just do the typical savings account, but let the bank know you're operating the account on behalf of your tenants and fill out all the required paperwork per the banks instruction