Hey @Keagan Scott, so I don't have any insight into Gary, IN but here is a blurb -"Those looking to rent out their properties for less than 30 days (about 4 and a half weeks) will have to get a permit, pay a one-time $150 fee, and have a city business license.

Rentredi is a good software but BEWARE if you sign up for automated bill pay, they will charge your account if you do not cancel prior to the renewal and they will not refund your payment even if you request it the same day they pulled the payment from your account. 

Sure don't do the renovation, rent it for 200/m less, and maybe that 30k investment won't pay off until year 10, but you're still investing back into your property, improving it and adding value.

There are many reasons why I haven't pursued the arbitrage model, but mainly that it takes too long for the ROI after investing all your time and effort into buying furniture and renting and paying utilities.Let's say you rent an apartment for $1500 and you spend $7000 to furnished it.

there are so many threads on BP from folks in NYC or CA or DC who bought a property in a "low cost" market and immediately regretted it:https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...https://www.biggerpockets.com/forums/52/topics/1010977-12-00...i provide this information not to discourage you, but so that you can learn from what they did without making the same mistakes.  

Quote from @Leeling Chew: It doesn't matter who pays the bills.

As we all know, you are really paying for the commission in the purchase price. 

Typically with houses of this age - you'll need structural folks to dig and install piers into the soil.

The reverse mortgage company wants buyout and I dont have over 200k to pay out.

Market goes up and down and your tax implication comes into pay when cashing out.