Their business still needs to grow up. 

Implementing a value add strategy, which will raise rents and force appreciation has been an unfair advantage in just about any market condition. 

You rent it for one year and create a successful STR business that shows a trailing 12 month net income of $75,000.  

Just a cost of doing business.

The purpose of any business is to grow. 

Having before & after pictures is a string tool when dealing with HMLs and real estate agents to gain business. 

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

You can do this with almost any business, as long as you are bringing in the clients, leads, deals and etc..

It's been so bad here, that I bought an STR in Indiana with another business partner in 2024 because there are minimal opportunities here - unless you have the ability and budget to extensively source off market properties here.  

Understanding the IRS disaster relief provisions is crucial for residents seeking financial recovery.Under IRS guidelines, individuals and businesses in areas designated as federally declared disaster zones by FEMA may qualify for special tax relief.