Then, once you own it, you can look into refinancing without the risk of a lender failing to perform.As for which strategy to choose, think about picking one that fits your situation and has the best chance of success, especially since you're new to investing and live in another country.Vision the follwoings:Option 1: BRRR - This involves a lot of micromanaging and supervision work during the renovation process, including dealing with contractors, permits, and other details.

Mind you, most townships are now requiring owners to apply for Conditional Use permits along with the STR permit. 

Some options I've considered are finding houses with convertible space to add square footage but I worry that the cities will just not permit those conversions.

Would this be permitted if we are unlicensed?

I would simply Google "legal restrictions for short term rentals in city X" or "short term rental permits in city X".  

These regulations can specify the type of structures that can be built, the size and location of buildings, and the activities that are permitted on the property.

@Yvonne Wang Use this website to cross check for zoning and whether the permitting is in place. http://atlas.phila.gov   It's a good website with accurate reporting.

The structure has to either already exist (we converted the garage) or you can do an addition to the property and build it out that way.One of my clients took an illegal garage conversion that was expanded into two bedrooms and used the FHA 203(k) loan to get it permitted.

Here’s the detail: Last year, we were tenants looking for a very specific luxury property (we needed an owner that would permit us to sublease when we were away travelling).

Seeking Advice for First-Time International Investors: As a newcomer to the US market, I'm eager to learn and appreciate any advice or insights experienced investors might have for international buyers like myself.