Yes the home is old and it has small rooms but making sure they are wow'd be the entertainment areas and just having a great place to sleep will go a long way.

Normal people that sleep at 9:00pm.5.

My lawyer believes the mortgage should be sufficient collateral since we are putting money down and will be putting more than $245k into the property in reno.My lawyer is obviously looking to protect me but I do believe on occasion this could be at the detriment of a deal.Has anyone ever done seller financing without a guarantee?

No issues and I sleep well at night

My ultimate goal, like many others I'm sure, would be to create a portfolio that is able to provide sufficient income to not need another job while being able to reinvest and grow equity and net worth.

I’m still hunting for an area where there is sufficient demand and TRH are allowed.  

Or, more clearly, asking the highest price possible to a good current client...We all need to weigh the costs and benefits - even those that are not monetary - to create the business that allows us to sleep at night. 

I've been on this board for 12 years and have not heard of a single owner that has lost a property in lawsuit.Do whatever helps you sleep at night. 

You can make a glamping area out of all kinds of cool stuff to sleep in and people will pay more the weirder it is!

And I would write in the reverse scenario too, that the owner is responsible for paying the mgmt company if the proceeds aren't sufficient to pay the rent (although if you set the rent correctly, this shouldn't happen).