If you are searching for offmarket, you can network with local wholesalers, and also use something like dealmachine to generate leads.

@Sean Gallagher - My initial reaction is that if you're thinking about a property manager to help oversee the daily operations you're probably at a point where you need to get one.

It seems to me that any addendum signed later after the initial lease may create a messy situation. 

Typically, the initial upfront for the rehab is either cash or a high interest loan (hard money or private). 

We did get much lower costs when we changed to minisplits but the initial cost is high.

The best thing you can do is familiarize yourself with Housing Quality Standards (HQS) and ensure your property meets them before your initial inspection.

The initial numbers seem good to me.

I’m exploring the idea of turning it into a furnished long-term rental to hold onto it, generate income, and possibly return to STR when things settle down.However, I’m new to the furnished LTR space and would love advice!

My current brokerage does not help generate any leads or anything like that.

My other positive is the money that is generated from taking out the loan can be used now vs. locked away until you are 59 1/2 years.