I don't think your first property needs to be perfect, but doing the work in advance gives you the possibility of refi (in a good rate environment) or more equity on a HELOC.

You hustle like crazy for a year.  20hrs evening plus 20hrs on the weekend even at $10hr is $20000, make more and save more...$15hr is $30000. 

Hi @Briley RoeNice to hear that you made the first step in investing.Looking at the deals, I would need more information, but per the data that you have, the Cap Rate is within a good acceptable amount.Cash on cash is low, but depending on the area that you are the appreciation will catch up.

I love talking about this stuff so much that my kids complain about it constantly, so I thought helping other people understand some of the general contours of the industry from a legal perspective would be a better outlet than lecturing teenagers for a fourth time about what a defeasance is!

I'm an investor and realtor located in the area and happy to chat ideas & strategies and see how I can help. 

Feel free to let me know if I can help you.

Lenders or investors who have short lock up periods but have years of experience feeding their business with new capital would give me more comfort but anyone who is just starting and is promising a rate of return or return of capital in a set period of time would be alarming because they very well could be reliant on fresh capital to make good on that promise and that usually ends poorly.

A CPA familiar with local STR regulations can definitely help make sure you’re set up correctly!

This one is a big improvement because we'll gain a lot of space, a more "house-like" layout, and a garage, and a third bedroom!

Could you go reinvest it in another property to build even more income?