I am 1600 miles away from three residential properties I just purchased in Jackson, Mississippi. 

I’m in the process of purchasing a second home in Aspen, CO, which will also serve as my first STR property.

The one's I prefer handle everything in house, from purchasing the home, renovating it, renting it, then selling to an investor then managing for them on the back end.

My mother-in-law wants to help my husband and I on our first real estate investment purchase. 

Although the list may seem intensive, I look at it like this: The total cost of all these items can be much lower than the cost to repair a hidden surprise after purchasing a property to flip. 

I don't think I can ask the seller to evict prior to purchase, although that would be the best scenario.

Or, you could move out and leave this first purchase as a rental and buy another.

Purchase price: $110,000 Cash invested: $45,000 Recently purchased my first house to use as a primary residence, currently I am renovating the kitchen and adding a full bathroom to the first floor.

The biggest determining factors for STRs in the area are purchase or build price (and associated mortgage) vs rental expectations, that will help you determine net cash flow.

If the Tenant fails to obtain or maintain renters insurance as required, the Landlord may purchase a force-placed liability insurance policy to protect the Landlord’s interests.