Being more handy around a property to do some of the minor repairs yourself3.

You are paying the tenants about $5K a year to live there (plus repairs). 

For flipping, I focus on the after-repair value (ARV), renovation costs, and potential profit margins—usually aiming for a 20-25% return after all expenses.

Then it will go to tax sale and typically back to the county.The mortgage company could try and repair the property to protect their asset but it depends.

Is there anything I can do, the home is valued at $356,000 however it needs some repairs so personally, I'd put it closer to $290,000 to $300,000.

I just started working with THD, I had the same situation as Shankar RamaniI had a 3/2 SFH posted for LTR, they reached out asking if I am open to short term rental, I was hesitant first but after searching the company and their business model, I was willing to take the risk if they pay me a good premiumThe person who reached out to me works with the insurance side of THD ( they have corporate leasing department too), and her tenant had a fire damage in their house so the insurance company wanted the tenant to stay somewhere until the house repair is done.

., repairs, furnishings) can offset this.

She sent a reputable plumbing company out and they gave us a $9000 bid to do excavating, repairs, etc. due to some roots getting in some plumbing under the house.

While you are learning and living in your first one, you want to make sure that you are keeping up with the repairs so that when you make a decision on what to do with it, you don't have a potential issue with the property you want to sell or rent when you are about to buy another.

Additionally, ask for copies of all tenant leases, any recent inspection reports, and records of capital improvements, such as repairs or renovations.