I'm in the process of potentially doing just that. 

I’m stuck when I try to run numbers on a potential deal, how do you generally estimate rehab costs?

If a potential client is using 1031's they will appreciate a realtor they don't have to educate. 

And we're still seeing deals here that are positive cash flowing with lots of potential for appreciation.

Portfolio = Income derived from financial instruments like dividends (including REITs), interest, royalties, and capital gains.Mostly income w/out loss potential, and favorable tax rates.Cap losses may offset cap gains w up to $3,000 loss.

Since you’re looking for landlord-friendly states, consider areas in the Southeast or Midwest, where affordability and cash flow potential are often stronger.I agree.

All that said, and to answer your question, I think a guaranteed check for 66% of the rent offers some peace of mind and limits potential loss. 

Leveraging equity to purchase a short-term rental (STR) in Tampa Bay can diversify your portfolio and potentially generate strong cash flow, but it also increases your financial risk.

Quote from @Tanner Martillo: Hi BP Community,I’m evaluating a potential investment property in Cincinnati, Ohio, and would love to get your insights!

I've been able to buy a queen bed with frame and nightstand for $150Use Pricelabs to investigate your potential.