Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health) and choose the one that is most “stable” with the best potential for long term tenancy.This advice is contrary to maximization of rental income, but IMO will reduce expenses of tenant turnover, property damage, property management fees so much that the difference in bottom line income will be quite small.  

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I’m newbie myself to REI , I own my my own home but I’m now very interested in buying an out of state long term rental.  

I think 1) 10 years that includes recovery from GFC and the Covid pandemic is not a long enough duration2) I think for those 10 years, 100% is not that special3) I think many Midwest markets did not experience the appreciation you depict.There are Midwest markets that have pretty good long term appreciation but there are also many Midwest markets that have appreciation that has not historically kept up with inflation.  

With countless loan options, complex terms, and strict lending criteria, it’s easy to feel overwhelmed.

In that scenario - I would worry that our long term renters would not like that strangers are walking up their steps and entering the doorway 5ft from their front door every weekend. 

It really is a minefield out there.I know everyone likes the convenience of the web, and they are tired of hearing it, but this really is a business based on relationships, not online anonymity.

@Michael Carbonare The rent to own strategy has been good to our business model as a long term buy and hold investors. 

Is the mid term rental business that you have a 'rental arbitrage' business?

Set clear terms in writing so that it’s “official,” which can protect everyone involved.Renovation Phasing: If the reno is intensive, consider breaking it into phases.