Years ago, a friend of mine took on a similar challenge in an older neighborhood near Chicago..he opened up the top floor to create a master suite that felt less like a converted attic and more like a boutique hotel room.

Alternatively, your GC can keep you posted on progress, but having a local project manager or even a trusted friend to occasionally drop by can provide extra peace of mind.Hope this helps, and good luck with your rehab project!

Overland Park, KS vs Kansas City, MO) Very landlord friendly, worst case eviction is usually 8 weeks + $500 + lost rent (cannot comment on individual cases and this is not legal advice) Large diverse metro area - variety of jobs, companies, people can have a career in KC.

For rentals, they can work well if the HOA is investor friendly and cash flow numbers make sense.Financing can also vary, so it’s worth checking lender requirements for condos (warrantable v non warrantable) versus SFRs

Highlight the “family-friendly” perks, like extra beds, pet policies, and flexible terms.

Those rentals debt serviced and also covered my California monthly rent (I know some of you may question paying someone else's mortgage) but at that time, I preferred the renting lifestyle which placed me much closer to work, my family, my clients, and friends.

Here are a few additional ideas that have worked for me and others in competitive markets like Austin:Off-Market Leads from Contractors: I had a friend who rehabbed a house in North Austin last year.

For my long term rentals I am no longer purchasing in New York State and I am going to be searching out of state in a more landlord friendly state such as Ohio or Pennsylvania.

If they have been paying on time and taking care of the place, there is no need to screen them.If they want their friend or family member to live with them, then you screen that person and decide if you want them living there. 

@Dmitriy Fomichenko not sure if you were aware, but depending on your income and circumstances, you can convert that money into a Roth IRA, tax free.A friend of mine lives in Washington state (no state income tax) and his taxable income is about $50k a year.