We submitted a short sale package to his lender and they approved him for a FHA Waterfall modification with a 3 month trial period. 

2) Did you intend to operate it as a short term rental, but then plans changed once you learned the CCRs only allow terms of 6 mos or more? 

How is short term rental business out there?  

We want to go for another real-estate investment (we are doing buy and hold..buy low, renovate and make them short term rentals on airbnb in Ocean City, Maryland).

I like the idea of short-term rentals, and I am wondering if I would be better off buying several smaller, less expensive units, or one larger, nicer unit.Those of you with experience in the Airbnb Marketplace, what are your thoughts?

You are not too familiar with the area, so if your short-term stay is near an airport you have less travel time and can spend less on taxis.

If the distance you are relocating is far enough away from your first residency, you are eligible for another mortgage.

@Dee Jay Chicago is a great city to invest but it can be hard for long distance investors to get their footing.

I would like to connect with other local investors who are already investing in long distance properties.Many of the local REIA groups seem to be focused only on the local markets. 

Any tips or ideas regarding forms or documents I should give them shortly after close?