@Marc ShinI'd hire professional management...If it's going to be an STR, you really need it to be top notch, appear top notch, and be managed top notch"Minor updates" may not cut itBut I only have the limited information you posted

The “how bad do you want it “is a great headline” but not everyone is cut out to do certain things.

For the 10 year period spanning August 2014-2024, single-family prices in Austin nearly doubled, yielding an annualized appreciation rate of ~9.5%.With inflation nearing its 2% target and signs of a slowing labor market, The Federal Reserve is predicted to cut rates as many as three times before the end of 2024 (see here).

Why do we all say that, because it simply was. 

The jobs report likely won't impact whether rate cuts will come, but could impact by HOW MUCH rates will be cut.

That would leave you with $230k to do the renovation, and cut down your negative carry by 2/3. 

since my goal is to be able to cut down my hours for quality of life purposes.

I have seen too many people not only getting in trouble with the IRS, but losing their investments to sketchy but appetizing "opportunities" to cut taxes.

Once you do have communication lay it out very simply.

Also in your area that is a little rural if its well and septic makes sure those are checked by professionalsif it has city sewer make sure you do a sewer scope on the line running to the street.. and of course make sure roof is good etc etc.and for sure you can offer what you want to pay.. they may not accept it but its up to you.also ask title company to give you current owner.. and if you want simply make a back up offer in cases the wholesaler cant close this happens a lot and you get a better deal.