Brian H.If you convert the basement without the proper permits or violate the law the insurance company could refuse to cover you in the event of a fire and/or claim. 

One of the more powerful features of a Trust is that any assets properly titled to a Trust will avoid probate.

The process of identifying assets for proper depreciation classification is called cost segregation.

That being said, it is still very important that you properly vet your contractor like you would for any job.

Most management guys company will see you as an investor and not treat tenants properly.

Some of which include: Debt ServiceInsurance (proper STR insurance - not a standard fire policy)Taxes (both normal property and STR taxes)HOA DuesVacancyCAPEXElectricity, Cable, InternetFurnitureSheets, towels, etcCleaning/maintenance Gardening/lawn-care Etc.Im sure I missed a few - but you get the point.

I am in the midst of trying to find a local bank that knows how to properly set up a checking account for my solo 401 K.

I hope you got a copy of her current lease agreement, you would carry over terms until it ends and then sign a new lease.. so proper notices per that lease agreement is required. 

We have a few ideas as to why they are calling, but are hoping for some fellow investor insight behind these calls and to make sure we handle properly. 

Proper screening will almost always help you avoid a bad egg in the first place but bad eggs do occasionally slip through.