In addition I'd never work under a "rent it in X days or lose it"......there are so many variables that make up how fast a property rents, and many of them are owner related, not PM related, so again - probably not a good clause.    

I think the Attorneys General of several states will take interest.I've watched a few of the videos, it's demonstrably Bad Training, False Hopes, Overleveraging, unsophisticated lenders ("gator lenders" formerally known as "gap" lenders and "bridge loans" who get burned) and that will lead to disasters and more legislation.

I would of course make the tenant agree not to go on the balcony until it was repaired (and probably lower the rent a bit until it is done to make up for the time without a balcony - possibly even give free rent during the actual construction to make up for any inconvenience).  

I did a search on the deed site, looks like owner is behind on taxes but under $1k.I can't figure out why someone would sell a cash cow...unless the rehab put them under or maybe other projects hurt them enough to have to sell one to make up?

Get people's feedback but remember in the end make up your own mind.  

Say away from residential SFH communities due to the risk of future legislation banning STRs.

If you indeed go with i think you should make sure it cash flows nicely and if you can maybe increase the amount deposited into your IRA to make up some ground. 

From my experience, people are blinded by the extra 50-100-200 dollars of extra cashflow a month and often don't realize that if you have a good tenant that pays regularly without causing issues, it would sometimes take another 3-5 years of a new tenant at the new rate to make up for the vacancy time of the turnover.

What is wrong with the legislators in Washington State?

Bill,For tax year 2011, AT&T Inc will be receiving 1099-MISC; the Inc exemption disappears in tax year 2011 reporting.This is what makes this legislation that introduced this change so onerous.