And it’s not because I prefer the outdoors.

It will probably take you at least a year to actually cash flow an arbitrage unit, since you can't really call it cash flow until your revenues have paid off all the furniture. 

But if you look at it as property with 4% coc (which may be challenging to achieve) then it will be disappointing.In a city like Houston, I personally look at an owner occupant house as a depreciating liability - just like car, clothes, shoes, furniture - something that I will use everyday and hence I should like it as a place to live rather than an investment.

@Hai LocI heard from another BP member Youngstown May be making a slight come back due to Covelli investing money in an outdoor amphitheater and things like that downtown.

When you think of events the desert, you think of outdoor concerts - read Coachella.

The villa is over 6000 sf bua, comprising a main villa with staff kitchen, lounge areas, 5 guest suites, outdoor restaurant area, a large veranda overlooking the sea, a pool, and a second villa with staff accommodation and a further 4 guest suites.

Do not depend on reviews from the typical homeowners who might have had a handyman/contractor hang pictures, or assemble furniture, or paint a room.A larger rehab project requires skills and subs that don't come with handymen. 

It's a new house, so right now there's really no furniture in it. 

We're talking cell phones, a big screen TV, air conditioning units, furniture, electronics, etc. 

There's a relatively untested way to absorb some but I emphasize it's untested which a long way from either approved or disallowed.The theory is that if the improvements are less than 10% of the value of the property you are buying and the improvements are things that would normally be associated with a structure (roof, A/C, flooring etc not furniture or a car in the garage).