Any tips on balancing renovation costs with tenant expectations when preparing a property for midterm stays?

Houston's diverse, and the real estate market is buzzing.Check your budget, how much risk you can handle, and what you want from the investment.Montrose, The Heights, Eado, and Museum District are buzzin' with mid-term rental potential.Research the neighborhoods, check the rates, and do the math on costs before diving in.

By the end of 2 years, I could save 50-60k for a down payment, closing costs, and reserves. 

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

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. 

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

It doesn’t cost you anything and gives the tenant time to rearrange their entire life around your decision. 

The cost is the same for a roof on a house that rents for $800 per month is the same as on that rents for $1800. 

The truth is, they will keep playing games and milk you for every penny they can, then they will leave the house a mess and cost more with cleaning, repairs, and vacancy.

.: Cost of risk scenario.