I just purchased a truly turnkey fully furnished 3/3 1841 sq ft villa in Desert Princess.

How realistic is it to buy/furnish/rent a place without seeing it in person?

In both cases, syndication would be needed with a securities attorney.Here is the list of promissory notes recognized by the Supreme Court as NOT being securities is a compilation of nearly random examples:Notes delivered in consumer financing.Notes secured by a mortgage on a home.Short-term notes secured by a lien on a small business or some of its assets.Notes evidencing a “character” loan to a bank customer.Short-term notes secured by an assignment of accounts receivable.Notes that formalize an open-account indebtedness incurred in the ordinary course of business.Notes given in connection with loans by a commercial bank to a business for current operations.And the determining factors for how a court will judge it to be a security or not are :Whether the borrower’s motivation is to raise money for general business use, and whether the lender’s motivation is to make a profit, including interest.Whether the borrower’s plan of distribution of the note(s) resembles the plan of distribution of a security.Whether the investing public reasonably expects that the note is a security.Whether there is a regulatory scheme that protects the investor other than the securities laws (e.g., notes subject to certain banking regulations).Again, consult an attorney.

Conversion from typical run-down beach rental to fully-renovated and furnished luxury vacation beach rental What was the outcome?

If they don't know what they are doing and don't have 203k experience, your 203k process will usually resemble the Cleveland Browns on a Sunday afternoon.

Other strategies include... finding a way to split a single family into multiple separate living spaces (The main floor, and basement. or converting a garage, or an existing ADU), Short term rentals (just be careful with city regulations), or furnished mid-term rentals (Travel nurses, or other contract-based workers).

Furnishing and outfitting a 3/2 SF home is a lot more expensive than a 1 BR studio apartment. 

Bought our 1st STR in December which came furnished and was pretty turnkey.

I am looking to rent 2 of the rooms out and am wondering if anyone has experience in house hacking a furnished room vs. unfurnished.   

My main concern is the cost to furnish the homes is something I’m not sure I want to spend on.