One thing I did notice is that almost everywhere seems to allow pets so that may be something to consider if you haven't yet.

And are helpful and understanding when things go wrong (there is always something).

So in your example above something like: (4820)/(12000) = 40% (Year 1). 

He said something about a HUD 501c (?)

This thing should be a machine but the PM always seems have something come up that causes me to not cashflow.

It's generally not something they are looking to do if it's avoidable.   

Something like fund me now and get credit for a future stay next year. 

My point is that observing the 2008 GFC it seems like interest rates are a leading indicator for future delinquencies, and that delinquencies tend to lag by about 2 years.Should we expect something similar to happen again in the current market?

you can roll that small charge into the rental price so that you are not paying it, the guest is,  ....... if someone is on google maps looking in my area, my location will show as a rental with a link to my website (yes, i have gotten some bookings that way also). it sounds like you are giving an opinion on something you have no personal experience with (i could be wrong), so some of your "facts" are wrong or misplaced. ....I think we're all just speaking from our personal experience.

Think it is too small to grab it and may turn into some type of functional obsolescence if you make it a bedroom then someone (or other people) will have to make it into something else.