Most of these buyers will have to sell at a substantial loss to get out and have so far been unwilling to do that.  

Were very hesitant to rent it out to such a large party because we did such a great job updating the home and we feel that all that work may get damaged in a short period of time.

Even better, get some self employment activity and sponsor a solo 401k then no UBIT on leveraged real estate!   

I have looked and not found anything on this.I am getting a 75k loan from a family member and told them they would have a second on one of my multifamilies.

I am a newbie and I can't help but wonder if there are many people like you who wake up one day and think "What have I done?

Key Principles:Mindset and Goals:Think Long-Term: Real estate is a long term play in most cases Set Clear Goals: Define your financial goals and how real estate fits into your overall plan.Finding the Right Property:Location, Location, Location: Invest in areas with strong economic fundamentals, good schools, and low crime rates.Cash Flow is King: Look for properties that generate positive cash flow (rental income exceeds expenses).Consider Appreciation: While cash flow is primary, also consider properties in areas with potential for long-term appreciation.Financing:Get Pre-Approved: Get pre-approved for a mortgage before you start looking at properties.Leverage Wisely: Use leverage (debt) to your advantage, but don't overextend yourself.Consider Creative Financing: Explore options like seller financing or partnerships.Building Your Team:Real Estate Agent: Find an experienced agent who specializes in investment properties.Property Manager: Consider hiring a property manager to handle day-to-day operations.Accountant: An accountant can help you with tax planning and financial management.Attorney: Consult an attorney for legal advice and contract reviews.Managing Your Investment:Maintain the Property: Keep your property in good condition to attract and retain quality tenants.Screen Tenants Carefully: Conduct thorough background checks on potential tenants.Review Your Finances Regularly: Track your income and expenses and make adjustments as needed.Example Action Steps:Set Your Goals: Define your financial goals and how real estate will help you achieve them.Educate Yourself: Read books and articles about real estate investing.

I have struggled over the past year getting financing for this project. 

Did anyone get their flooring from LL?

With a warranty, there is red tape and delay in getting a repair made.With a vacation rental, your first priority is an immediate repair, to preserve guest satisfaction and the rental. 

These action items are far more important than entity formation but get ignored.