We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

With your experience, it definitely makes sense to handle most of the renovations yourself—it could save you a lot.For financing, you could consider a hard money loan to cover the purchase and rehab.

Your insurance covers your stuff.

However, to protect yourself, you should also obtain a separate STR or landlord policy that covers the specific risks associated with renting out the property.

I’ve heard there can be liability issues with having a pool at rental property, and that insurance companies don’t cover rentals with a pool.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

Risk Management: Securing enough funding to cover unexpected expenses during the renovation is a challenge.

Do you have a better solution to be able to cover the costs of running a business without ads?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I continue to work and earn to cover my costs and save some.