With the budget mentioned, you can find single family rentals in Columbus and duplexes in Cleveland under 200k.

If we decide to refi in 3-5 years, though, we may time a couple of the leases to end at the same time and spend ~$6k to tear 2 rooms down and rebuild them.

.- You close on December 10th- The property is in great shape and does not need any significant repairs- It only needs some paint touch-up and changing a couple of broken fixtures, which you do yourself- You spend the next week buying furniture, electronics and supplies and installing/arranging everything yourself- You also roll up your sleeves and scrub the toilets and sinks and appliances- You put it on AirBnB/VRBO and have your first guest renting it for the 3 days of Christmas- You second guest rents it for the following weekend and leaves before NYE- You personally clean and restock the place between these two guestsCongrats!

For me, real estate was a means to an end...so that I could spend all my professional time doing what I love: helping people and renovating properties.  

My wife has a hard time spending money.  

My business card I do probably have a $10k spend a month on it, but I dont really carry a balance on it, except a little in dry seaons to better manage cash flow.

I can pretty much guarantee that you will loose WAY more money trying to get out of the lease then you will spending the extra hundred dollars or so to paint an additional room or two.

Eliminate debt, establish a budget, and save.

Site cleaning may be the single most underfunded line item on construction budgets which often leads to dangerous work sites.

I'd have a Home Inpsector and/or General Contractor go over the place and make a list (Scope Of Work) with a tight budget.