From stories I’ve heard, it’s not rare that the seller will keep the tenant in there until closing date - they’re probably maximizing what they can get for rent.

This involves getting detailed estimates for all renovation work planned and adding a contingency budget (usually 10-20% extra) for unforeseen expenses.The Minimalist Approach for Rentals: If your strategy involves renting out the property, focusing on essential repairs and cosmetic updates can maximize ROI.

Understanding the best seasons for these projects, considering the state's weather patterns and plant growth cycles, is crucial for maximizing the aesthetic and financial benefits of your investment.

After that the owner has been deciding what they want with updating light fixtures, replacing super gross toilets, dilapidated cabs/vanities, cadet heaters, replacing ivory outlets/switches/plates with white, replacing blinds, 1/4 turn valves, etc.Project costs per unit range from $8k up to $31k (for nearly complete reno)What would you choose to maximize value?

Investors are noticing the strong market demand for co-living within their properties, as some Chicago investors witnessed a 95% increase in occupancy rates within a month or two.If you wonder why investors are drawn by the co-living concept, this is because it maximized the use of space and caters to a growing demographic of urbanites seeking community and convenience, as well co-living properties often command higher per-square-foot rents than standard apartments.

The BRRR strategy is popular among real estate investors as it provides a way to recycle capital and maximize returns over time.

Each strategy has its own set of benefits and drawbacks, as well as potential returns and risks.Buying to Flip for Quick ProfitBenefits:Quick Returns: Flipping properties can potentially yield quick profits, especially in a hot real estate market.Minimal Holding Costs: Since the goal is to sell the property quickly, holding costs such as property taxes and maintenance expenses are minimized.Creative Freedom: Flippers have the freedom to renovate and design the property to maximize its resale value.Drawbacks:Market Volatility: Flipping is highly dependent on market conditions, and a downturn in the market can lead to reduced profits or even losses.Capital Intensive: Flipping often requires significant upfront capital for purchasing, renovating, and holding the property until it sells.Income Tax Implications: Profits from flipping are typically taxed as short-term capital gains, which may result in higher tax liabilities.Buying for Rental Income and Long-Term InvestmentAdvantages:Steady Cash Flow: Rental properties can provide a consistent stream of income through monthly rent payments.Appreciation Potential: Over time, rental properties have the potential to appreciate in value, providing long-term wealth accumulation.Tax Benefits: Rental property owners may benefit from tax deductions on mortgage interest, property taxes, and depreciation.Challenges:Tenant Management: Dealing with tenants, maintenance, and property management can be time-consuming and requires effective management skills.Market Risks: Rental income may be affected by market fluctuations and changes in rental demand.Liquidity: Unlike flipping, rental properties may not offer immediate liquidity, as selling a property can take time and incur transaction costs.Comparing Potential Returns and RisksBoth strategies offer the potential for attractive returns, but they come with different levels of risk.

Depending on how the specific property pencils out, this could be a good opportunity to maximize monthly spread. 

I think once you have a general idea of these topics you can start to understand how your income is being taxed and then develop a strategy to maximize your rental property. 

If you're planning on taking STRs seriously to maximize cashflow, I would take the time up front to either 1. hire a professional to handhold you through the process or 2. join a mastermind.