If this is a $400k home, you have to make a lot more than $20k/yr in profit/cashflow.  

If you can buy something habitable, and rehab it over time while you live there, that could be a home run of an investment when you look at your return on investment, especially if you house hack.Sure you may leave cash in the deal, but if you buy right, it could still be an extremely profitable and low-barrier to entry way to get into real estate.

This is a net profit of ~~ $1300 monthly. 1300 monthly X 12 = $15,600 anuall cash flow15,600 cash flow/ $53,000 acquisition cost = 29.4% cash on cash return. 

The property is gated so many rent out all 12 bedrooms and bathrooms for parties, retreats, anniversaries, team meetings and special celebrations.It's private and perfect for those who want privacy when they need it and company when they want it.It has appreciated and is now worth at least 3 million and we are looking for funding to refinance and share the profits with our investors.

It has been a great an profitable ride. 

We can’t profitably turn it into a LTR, or easily anything else.Desirability - well two favors balance out.

Looking for ways to create more passive income for myself.I guess an additional question is how profitable should I expect a short term rental to be in that area? 

Plus funding is readily available and deals need to mature a few years before profits emerge, so why would a turn key provider not just keep a good rental property.Our inventory is so low in Milwaukee, that sellers don't have a reason to give a discount. 

Especially if your profits are less than the Ex can prove she received.

We have a buyer for the property and now it has been discovered that the corporation paperwork was submitted to the state as a charitable contribution even though we are listed as a not for profit organization and have been listed this way for well over 40 years.