I am NOT a financial advisor so make sure you do your due diligence!

I'm no tax advisor by any stretch, but I believe there's significant financial criteria to meet such as like 50% of the purchase value needs to be added as improvements to the property. 

Colleges have "advisors", remodeling has "consultant's", real estate has "agent's", wedding's have "planners".

I bought here because it is an established STR market with existing regulations.

Plus if you do not have a well established team to get your project finished up before the end of the summer selling season, you may not get the return you were expecting as holding costs and declining values are eating profits.Option 2 sounds like a safer bet, but yes you will have to cover some expenses and may have to carry the property with your own cash until rent prices appreciate enough over the years to cover your mortgage payments. 

Established Market : There’s usually a steady demand for renovated properties in established neighborhoods.Both Charlotte and Louisville have neighborhoods ripe for this type of investment.

As a real estate investor and advisor with an eye for opportunity, few transactions in history rival the scale and foresight of the Louisiana Purchase.

I recommend establishing a thorough and well-structured screening process.

I recommend establishing a screening process.

I would have an experienced team in place that includes a lawyer, accountant and multiple advisors with experience in R/E investing.