I have done some research but curious about the experience people here have had. 1.

Use it as a learning experience because, after all, that's why we're here!

Check it out on YouTube and let me know when you have time to spend a weekend here.

Consider adding the following clause in your lease:  "Tenant shall keep their hands in THEIR OWN pockets".Here's how we handle this type of situation:  divide the monthly rent by 30.  ($1,000 / 30 = $33.33/day.Multiply the number of days affected (example: 10 days x $33.33 = $330). 

And I want to see if I can use some leveraged strategy here.

@Guillermo Kennedy, it's certainly possible to use the existing LLC as a joint venture entity; the legally binding agreement here would be amending the existing operating agreement and updating the current cap table to reflect the new members of the joint venture.

Same here!

I do it mostly because the veteran real estate investors here know you never find anything but human feces and decades-old porn behind water heaters, and I think it's a great private joke for all of us about how weird this business is, especially seeing how the newbies react, all offended that anyone could possibly be dishonest here in the forums about finding rubberbanded and cellophane-wrapped stacks of used twenties in a hundred-year-old defunct crapshack in Yinzerburgh, of all places.And every year, right on the button, I get a bunch of people who insist they know exactly how I should invest my found money.

@Jeffrey Long I agree it's wild how little people know about the short term rentals here or in general.

These have been boarded up places, I'm not talking Class B rentals here.