First, the stairs leading down to it would likely need to be replaced.

@davidPalm meet head..

You will have to source these properties from a wholesaler, where you will have to put down hard non refundable assignment money at the assignment of the contract, or source them yourself.The steps to follow for a subject 2 property are as follows:1.

These are not situations where you will pay a price down the road like not pulling permits for a kitchen/bath remodel.

Hi Lina, It’s exciting to hear that you’re looking to invest in a mid-term rental (MTR), and I’d love to help you navigate the financing side of things.Understanding loan options, down payment requirements, interest rates, and how lenders view MTR properties is crucial to setting yourself up for success.

And with that again, nail hit squarely on the head. 

With $250k in cash, you can easily do down payments on 5-6 rental properties here. 

Quote from @Erick Pena: Hi everyone,I’m new to real estate investing and just finished reading Brandon’s book on investing with no money down.

You'll likely need a higher down payment if you can find anyone willing to finance something like this as a first time investor; many require some level of rehab experience at the very least.

Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs.