I am just starting out with a STR and found that VRBO is not very specific if they are collecting the tax and paying it to the State as a marketplace facilitator or am I responsible for this tax collection and payment ?

Hey Allen, When you approach the finance people, are you being specific in your request?

This sort of thing is market specific.

Proportional leverage (like 27% LTV) isn’t specifically required, but if you don’t reinvest the full amount or fail to replace debt, the difference will be taxed as boot.

@Aishan Gonaduwage what specifically have you read, and how OLD was it, about Detroit being on the decline?

@Tom OchiengI would reach out to a real estate attorney for specific advice on this situation since you already have one tenant who is being difficult.On a side note, when I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs.

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

Did the contract you signed have any specific timelines on it at all regarding how fast we can get to you?

Do you have something that speaks to the specific cleaning necessary at the duration of the lease? 

Would you share 3 specific things I should do during my "training period" (if it includes a book, which one)?