Make sure the home has quality furniture and items that don’t fall apart in a few years.

A local resource particularly for CRE (commercial real estate) can make the difference in the transaction equating to a quality investment. - Expertise in local laws and rules: Investing in real estate is hyper localized not only for value and potential but in rules and regulations.

I agree with this high level (Private Money = Individual, Hard Money = Company Non-Turnkey Product).I've been begging (mostly to no avail) for better clarity and definitions here for these to avoid confusion - BiggerPockets IMO has a HUGE opportunity to set and create the "gold standard" universal definitions of loan types with just a little initiative. 

Setting standards just to deny people is BAD practice, BAD business, and ILLEGAL.

You’ll also need owner and lender's title insurance as well as the standard fire and liability coverage, which I assume you already buy.

Its less a niche than it is a standard business.  

These upgrades not only improved the property's overall condition but also positioned it to attract quality tenants What was the outcome?

Having a reliable team of subcontractors that you trust to deliver high-quality work within your timeline is vital when you begin your building projects.If construction is a new area for you, I highly recommend finding a mentor in your region.

I would not due business again due to the nature of the financing terms and the home quality.

Meaning the quality and retention level of renters is high and thereby increases demand for new rentals with the increasing population growth of 1% per year.- Mobile is home of Mardi Gras which brings in a whopping quarter-of-a-billion dollars in revenue and sends hundreds of thousands of tourists to the city each year.- Mobile has the only cancer research center along the upper gulf coast providing a wide array of medical jobs to the area.- Mobile’s low cost of living and doing business provides a desired aspect to renters that can’t be achieved elsewhere, which provides a steady influx of renters thereby decreasing vacancy rates.