In my leases tenants are responsible to pay for their own utilities and change air filters.

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. 

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.

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.

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. 

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

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. 

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. 

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. 

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.