If it's a 2bd and they are talking about 3 adults living there I know something is fishyDo you have any animals or pets?

If longer, you might be stuck eating those costs.

Many things listed would be considered significant services and would have you losing much of your tax deductions.I know of a couple of STR owners who had to eat a big tax bill due to this and they had to nix those sorts of offerings.That doesn't mean you can't create the wellness space, golf simulator, upscale game room, etc to enhance the space.

Joint bank account is likely not the ideal idea here - need to make it a true lender-borrower relationship, co-mingling funds like this in a bank account makes it more like an equity partnership which is a different animal

Longer vacancies can eat into profits.Alternative Strategies: While BRRRR can work, Wichita might also be suitable for:Buy and Hold: If rehab costs are high or competition is fierce, focusing on long-term rentals with good cash flow could be a simpler approach.Remember: Talk to local real estate agents and property managers to get a realistic picture of rehab costs, rental rates, and vacancy times in Wichita.

Holding costs (insurance for vacant property, utilities, and interest payments for Hard Money Loans) can eat up your profits.

I've seen way too many people who "can't" work with these issues go out to parties, hang out with friends, go shopping, playing xbox all day eating sugar, etc.

I for instance never claim meals, I figure I'm gonna eat anyhow, and the paltry amount is not worth the hassle.

Every once in a while I'll spend more than the contingency amount, and it will eat up the contingency and some of the past "bonus" money. 

Given that the property is located in a C/C+ neighborhood with a tenant pool that may not be the best, and with many neighbors owning pets, I'm debating whether to replace the carpet with LVP (Luxury Vinyl Plank) flooring from the outset.I have a cat, and while he's generally well-behaved, there's a chance he might pee on the carpet if he feels threatened by other animals (read: if the other animal is inside the same living space as him).