•How do I ensure I have enough information to provide a realistic budget to my hard money lender within 24 hours?

Fix it properly, then rent it out to a highly qualified applicant. 

@Stephen Hood your idea is solid and shows good potential, but here are a few things to consider:Private Lender Terms: Ensure the lender agrees to the 1% origination fee and $2K monthly payments—some may require a higher interest rate or balloon payment at the end.Timeline for Sale: Factor in potential delays with selling your current property or completing renovations on the new one, as these could impact your refinance timeline.Refinance Feasibility: Confirm with lenders that refinancing at $500K is realistic, especially after recent rate increases and appraisal expectations.Exit Plan: Have a backup plan in case the market shifts or repairs take longer than expected, such as extending the private loan or bridging with a HELOC.If you can lock in favorable private loan terms and stay realistic about costs and timelines, this could work well.

For those who have ventured into Co-Living, what strategies have you found most effective in ensuring both financial success and a strong sense of community?

Other ideas that have captured my attention are finding a 4 bed/1.5 bath house that has room to add a stand up shower to make it a proper 4/2. 

Access to financing, such as 90% of the purchase price, can significantly lower the entry barrier, but success still depends on having a well-thought-out plan for managing renovation costs, timelines, and potential risks to ensure a profitable outcome.

Just ensure that the projected rental income comfortably covers the new payments, including the HELOC.

In many cases, the commission for external bookings can indeed be higher than if the guest had booked directly through VRBO.To avoid these charges, some property owners ensure that their direct booking links or contact information are kept separate from VRBO listings.

I have an REO broker with over 15 years experience to help guide you through the process if you have not done it before.I'll work with you on ensuring everything the Am's are lookimng for is addressed in your resume.If I do not get you listings it does not cost you anything.

I would really encourage you to talk to your CPA to ensure you meet material participation tests and are adequately documented.