Quote from @Dina Schmid: If all goes well with Monday's post-repairs inspection, we should close later in the week on a cabin that we want to use as a getaway for us + STR when we're not using it.

However, after learning about house hacking, I tell every high school/college aged person I meet or know to do this because of how great it is!  

Some parts you can systematize, but for things like turnovers, repairs, and showings, you need real boots on the ground.I built a 12-door portfolio in Detroit while living there, then moved back to California and managed them remotely for a while.

I've used this strategy in a similiar situation wherein the repairs needed to the property were made part of the agreement and the tenant buyer took possession with repairs needed and fixed the property to livable condition.Also in the scenario I received $5.5K down payment on a 3 year term $1200 per month and P/I cost me $550 and I paid taxes and insurance. 

You personally are on the hook anyway.

Personally I pay $300 commission to get the new tenant, 8% of rent collected, and $150 for renewals.

Quote from @Kurtis Carriere: I Am currently in the finishing stages of building my own house in Ontario, Canada and looking to sell and relocate to texas (likely DFW area)i have done 90% of the work on this project by myself so im confident in my ability to do any and all repairs on the property. 

I personally will go all in up to 85% ARV - this give me 15% equity capture at the buy. 

Whether or not you subtract reserves for maintenance, vacancy, management, etc. from the annual rent or use the gross amount is a personal decision and I've seen people do it both ways.

Was it real property or personal property?