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Quote from @Aaron T.: Unfortunately STRs do not qualify for tax incentives. you will pay 33% income tax on earned income.

If you didn't notice anything during the inspection process pre-closing, or just weren't looking for any smoke smells/damage, try to get over there ASAP to check for it (changing out the furnace filter is always an easy and valid business reason to stop by).All that being said, I can't stress enough the importance of getting off on the right foot with inherited tenants. 

Different utilities in Indy so I won't assume it is t h e same here.

So it makes it very difficult to negotiate with borrowers who are delinquent in judicial only states, as well as is a risk when the portfolio comes under stress (such as in a severe recession).

This just might be my opinion but at this point even if you're out one months rent which definitely sucks it may just be easier to start showings.I don't know what the L/T laws are in your county/state but perhaps send a notice to the emergency contact with something to the effect of pay or quit with an option for a release out of the lease and be done with it. turn over this unit and get it out on the market again.

To learn more about the space and discover the opportunities, difficulties, ups and downs of being a host as well as funding my STR in the future, I have been organizing and building a co-hosting company with hopes of helping hosts relieve stress while at the same time discovering what it means to own an STR and what it takes to have happy guests.

@Fornati T Chie My area of expertise is a little different than @Levi Bennett so maybe he can chime in for the commercial side if that's what you're wanting to do.

Hi @Charlice ArnoldI have worked with a lot of banks in this space and the one thing I stress is communication.

I hope they offer atleast 10. 5 would be a huge risk because even though the plan is to cash out refinance 2-4 years post closing date and extend the loan… 5 adds a huge amount of stress.