If you do get a very cheap house you'll find the rehab and unexpected costs could leave you with something that is unrentable or has issues all the time.

Always expect the unexpected, things can and will go wrong.

Did utilizing a platform like Guesty help you gain more control over your vacation rentals, or did you face any unexpected challenges?

You personally are at LEAST 10x, probably 100x more likely to be sued for a car accident than your property.

Just went to Island Park, ID this summer, by accident, great area and will go back. 

They tell me theywon’t be able to pay as he was in a car accident and needs to vacate to live with a relative. 

Market fluctuations, unexpected renovation costs, or delays in selling the property can impact your returns and strain the holding costs.When using a HELOC (even just for down payment and holding), you're essentially leveraging the equity in your home.

You will need to pay taxes on the rental income and there are always unexpected maintenance items not to mention vacancies.

Bouncing payments or only being an illness or accident away from not being able to pay the rent, are issues considered by our underwriting.Letter Of ExplanationAny time there are credit issues or we discover an inconsistency, we require a written letter of explanation (LOX).

If you do not understand these documents that should be sent to you annually, you NEED to, unless an "unexpected" Special Assessment or large increase in monthly fees would not impact your cash flow.The problem with many HOA's is that the Board does not care enough to learn about their own Governing Docs or local laws.