I am in the midst of some renovations on a new 5 unit building to bring the total to 25 units which is taking up some time, and I don’t do online photo check deposits so I do have to go to my bank branch come the first of the month a few times to deposit rent checks which takes a little time, but if you’re tech savvy you could do all that from home in about 5 minutes.

Make sure you check out the indemnifications clauses in those agreements.

Seems like we would be able to use a good landlord/management software, background checks etc - essentially copy what the current management company does as far as background/screening/showing etc.

Also you’ll need to check with local ordinance if converting to boarding house is legal and steps needed to do so (you don’t want to pay assuming those numbers to only be told you can’t do it)you hml money you can roll into your conventional loan but you’ll need to understand the scope of time from the Gc to make sure it’s feasible 

I have reduced my ask to making sure the windows and door are all locked and texting me upon check out.

The time between acquisition and stand up (outlay of capital) and the time your first guest checks in could be 2-3 months in that example.

Check wholesaler FB Groups too 

Hi Sonya, with that criteria I'd recommend checking out markets in the Midwest.

@Ashton Fry- there are several lenders / banks  offering HELOCs on  rentals  and / or  2nd homes ...SPRINGEQ  is one .....check with your lender  contacts and  also with the banks you do business with  or   banks / credit unions close to the proeprty- good luck

I also will give them access if there is an app for the door so I can remove them after the lease.