It takes time and patience, but the long-term benefits are well worth it.I’ve personally gained invaluable knowledge, listings, and deals from friendships I’ve built over the years.The more people you engage with, the faster you’ll achieve your goals!

.: I haven't passed this past legal review so for what its worth: Part of my standard requirements for everyone include income is at least 3X rent, minimum credit score, say 640, Clean record and no evictions as well as deposit is paid in full at signing of lease and 1st month rent is paid in full prior to handing over the keys.

But again, if you're going to take it down to change out furnishings anyway, then the timing could work out well.

Lots of areas that pencil very well on paper but the quality of renter you will get is going to eat into any profit you may think you are getting.

You can indefinitely defer the tax and use it to purchase nicer property/properties, as well as not have to recapture any depreciation.

To add value to the property, we undertook extensive renovations including the removal of over 40 yards of trash, installation of a new septic system and wall-hung boiler, and a new well pump.

It sounds like you navigated the challenges well and gained valuable lessons for your next venture.

3) How well prepped was your property?

As stated previous neither lender would want to take the second position as well. 

I'll send you a DM as well.