If the tenant has low net worth, a court judgment is practically worthless.Taking a week to vet a tenant can save months of headache.

I could see fully comping 1-2 nights at low season rates, particularly if one doesn't have a lot of reviews yet, but would you, as an established host with tons of reviews, comp a full week or more of a prime season stay? 

The first option is to keep the condo, which offers a low interest rate and predictable cash flow.

Now you might be like Joe, know rents for a couple of neighborhoods and can quickly estimate expected cash flow from properties pretty quickly (that's what I do as well) but you still need a screening rule so you invest minimal times on properties you will never put an offer in on. 

In total it took 8 months to complete... a simple cosmetic flip on a 1200sqr ft house in a neighborhood that wasnt asking for much.

As others have stated, your fit & finish goals should be guided by whether you plan to:1) Rent: tenants don't always take care of a property, so you want to use lower-grade materials and workmanship.2) Flip: higher quality on workmanship and materials is usually required.Regardless, you always want to "Maintain to the Neighborhood".

This way on a $300,000 purchase you only need $10,500-,15,000 for your down payment which if you maintain a low cost of living is very achievable every 12-15 months.

I don't use padsplit (weekly rentals); I rent on long-term leases in B Class neighborhoods.

Inventory still remains perpetually low.

Also watch for neighborhood HOAs some will have restrictions.