And my wife wants all new furniture of course so maybe I do a furnished rental ???

Is the garage big enough to have a full queen bed in there with some furniture for an extra sleeping area.I would also add the PS5 or maybe a Switch or Wii?

Check for burn marks Burn marks on furniture, countertops, or carpets are a clear sign of smoking.

The largest part of the bill not covered was the moving of their furniture in and out.

Otherwise you spend year 1 paying yourself back for the furniture (if you're lucky) and then hope to make a profit in year 2, only for your lease to possibly change terms, losing all of the time you put into building your brand.

Basically you need to be able to pay a large part of a long-term (multi-year) lease up-front, then still have some cash for renovation and interior/furniture, to finally recoup the investment through STR and a hopefully very quick way.

(downpayment, closing costs, HOA fees, renovation, furniture...etc?)

It's a gorgeous loft with beautiful furniture, lighting, great location, and below market rate but I still can't find a tenant.

Broken appliances, missing basics like a cork screw, no artwork on the walls and cold, ratty furniture that was clearly second-hand, noisy neighbors, and more.

The land represents ~1% of the purchaseOn the contrary - if you purchase a $2 MM shack in manhattan on a postage stamp lot, the land could represent 99%Lever 2 - % of the property with a shorter useful life.Not all parts of a piece of real estate are depreciated at the same speed.Certain personal property assets have SHORTER lifespans in the eyes of the IRS vs the standard 27.5/39 year livesProperties with tons of this often have:- Over-developed land sites (hardscaping, pools, retaining walls)- Fancy Fixtures- Fancy Furniture (STRs!)