My model is NOT good for LTR as it's not cost effective. 

The real prohibitive costs come from the legal, compliance, and reporting requirements of registering a security.

Which size of home is typically perform best on a cost benefit analysis?

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.

Like any investment, there’s a learning curve—understanding which properties qualify, accurately estimating renovation costs to pass inspections, and managing typical real estate risks.Having a reliable maintenance and management team in place is key to long-term success.

Although the list may seem intensive, I look at it like this: The total cost of all these items can be much lower than the cost to repair a hidden surprise after purchasing a property to flip. 

There were a lot of costs that we didn't expect like the plumbing had to be completely redone.

Quote from @Dylan Webb: Have you talked to a lender to see what it would cost you?

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

You can also gain valuable experience virtually and offer low or no cost "co-hosting" services.