After expenses and utilities you net $1,000 profit but it cost you $15,000 to furnish the house and you only have a 1 or 2 year lease. 

Issues like contractor delays, supply shortages, or unforeseen repairs can extend your timeline, which adds to your holding costs (mortgage, utilities, etc.).Tip: Factor in extra time for delays and have a backup plan to stay on track.Over-Renovating: Many new investors fall into the trap of over-improving a property, especially when they try to bring in their own taste.

I have also considered the long-distance option, but my first goal is to utilize my VA loan, which means I have to live within the multifamily property until I have met certain criteria to move on.

We are living in Phuket Thailand currently and this year I utilized the Foreign Earned Income Exclusion to not pay taxes on the first 120k of income. 

I'll refi in 12 months utilizing the built in equity plus what I earn this year to avoid a huge down payment. 

Make sure to factor in 5-10% vacancy, taxes, insurance, mortgage, repairs & maintenance, lawn care, pest control, management fees, utility costs (goes in your name when vacant), turnover costs, and capex reserves. 

As a purchaser, I really like when a property already has utilities that are split but I wouldn't pay a 20K premium to do it. 

My friend @Andrew Bosco specializes in medium term rentals (it should be similar furnishings to STR) and has a pretty sweet checklist that he utilizes for furnishing the property.

I have rent charges set up automatically for the duration of the lease and issue new charges each month for utilities I bill back to the tenants. 

Utility company can tell you the usage for that day.