You are going to pay much more for any type of work done (not including all the headaches associated with it) so in my opinion it's better to buy something that's already turnkey. 

Initially they balked, but eventually they relented* We kept our inspection contingency to void (not negotiate), and included a financing contingencyHow did you finance this deal?

Aloha,Keep in mind, NO credit is usually far better than BAD credit...and credit is only one element of your screening criteria.

In my initial communication I make sure that they have read the entire ad including the acceptance criteria.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

There are drops in other areas including big cities and rural areas and areas that are losing population. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

The inefficiency of this system makes it risky to rent to tenants without stringent screening processes.Consequently, I have had to adopt extremely strict criteria when selecting tenants.

Any LTR operator knows that a lease offers some legal protections to the lessor, and this includes financial obligations on the lessee.

I’m eager to learn the process and take actionable steps.I’m particularly interested in acquiring land and identifying creative ways to add value, whether through flipping, owner financing, or long-term holds.My long-term vision includes owning rental properties, possibly starting with a multi-family home where I can live in one unit and rent out the others.I’m also exploring opportunities in modular housing and small community developments to fill a growing demand for affordable yet modern housing solutions.Outside of real estate, I have a background in auto detailing and entrepreneurship, which has taught me the importance of quality, attention to detail, and perseverance.