If the negative cash flow is manageable and the appreciation potential is strong, it could be a smart move.On the other hand, investing out of state allows you to enter more affordable markets with strong, steady returns, helping you to build a diverse portfolio over time.

When I worked with a property management company, we had someone buy a unit (single family) that had a STR and marketed it as a STR.

If the repairs are manageable and you’re getting at least a 10-15% discount, it can be a great deal—but avoid properties with major structural failure or uncooperative sellers.

If there’s a significant difference, it might justify the cost of adding more beds.For example, we manage a 4BD property where one bedroom is currently locked off, so it only sleeps 6 (1 king, 2 queen).

I used Hostify and you can work it into the management system to figure and charge all of that for you.  

I have only 3 doors that I manage so not a big time player so wanted to start with some cheaper software and I heard on the podcasts that RentRedi was included in my pro membership so I signed up.  

Still need architect and project would cost more or less same.

You don't have anything to take I assume since you don't have anything to put into the project.

Property Management Is Still WorkEven if you only have one or two tenants, you’re still a landlord—which means handling maintenance, lease agreements, and potential disputes.

You would have to self-manage though, as paying a property manager will eat up most of your profits.