I have a strict no pets policy on my 3BR fully furnished mid term rental because it is nicely furnished and decorated with soft furnishings, linens, etc, has a carpeted, finished basement, and a tiny but fully landscaped backyard.

Depending on how clever the current tenants are, they could potentially drag it on for lot longer. 

Very clever, good for you!

@Jacob Munson Make sure you include costs to furnish the place, kitchen stuff, linens, supplies, nice looking decorations etcI'd be curious what others have spent but my guess for a 3 bedroom house with a pool is between 30-40K from bare house to ready to rent.

IMO the most cost-effective parts of a kitchen or bath reno, that you could pay yourself in labor vs. pay a contractor would be 1) careful demo and cleanup, 2) painting or skimcoating, 3) re-using existing materials/accessories or using refurbished ones in a clever way (e.g. re-use existing cabinets and painting them)

I invested approximately $4,000 in furnishing these two rental rooms with linens, mattresses, bed frames, dressers, and nightstands.

All this talk on here about using other people’s money and creative financing and clever tactics....and when I comes to it you’re scared of a plastic card ??

If you are managing one property, I would just create an excel file.Expenses will be linens, advertising, and all of the usual office expenses.No need for any software with one property.GOOD LUCK! 

Bedding and linen replacement fairly regularly.  

First-time homeowners can start creating wealth through real estate while lowering their living expenses by using a clever tactic known as "house hacking."