There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

property condition, in this case lease covers the PITI,  loan to value, debt to income ratios and several other pieces. 

After the original LLC was created (simply titled after the street address), we starting using the branding "Family First Hideaways" when talking about the web of properties we would like to acquire across the country.  

This little bit of extra income along with our savings allowed us to take a two-year sabbatical and sail the Caribbean.

The macro issue at play is people make X and can spend 28-38% of income on buying a home.

Insurance- personal property coverageInsurance- clean up costInsurance- both you and tenant, Business income loss coverageFire systems- joint systems, who is responsible?

I would still get taxed because of that commission even though I don't touch it, it was income, correct?

You said the gross income is only $5000, per month?

We have great credit (800+) and pretty strong income, we could almost take on the second mortgage without having to actually rent the STR, but we would need to adjust our current spending habits.