Basically/Hopefully that is watching rents hit your bank, and occasionally calling a repair service as needed. 

So your super basic P&L may look like: $30,000 Rents-$3,000 insurance expense -$9,000 interest-$3,000 taxes-$8,000 operating expenses-$14,000 depreciation ----------------$7,000 loss on paper for the year  so negative taxable income But remember- $14k of that (depreciation) was something we didn't actually spend money on- so cash in bank at year end would be $7,000. 

I've heard great things about Loebsack & Brownlee, that's basically all they do so they know the ins and outs of the law, and they're good at it.

Air Force basic training happens here, so every week there is a big batch of families coming to see their kids graduate. 

So basically Redfin/Zillow/MLS is just not going to be a great resource for finding deals.

@Lionel Quiambao I find that the most basic speed offering works fine in my units.

In the meantime feel free to check out a post I did a while back about Cost Segregation - The Basics (biggerpockets.com)

Is the property set up as a STR already or do you need to do the basic work to get it started?

THat we have seen (but you pay a hefty price to borrow for that type of thing) which is basically borrowing at credit card rates so you need to have a locked in buyer on the back end.Other option is an equity partner as you mention but lets say its worth $750k (not sure value) - maybe get someone to put in 25-50% max. but they will want a considerable portion of the upside and want to see a definitive exit strategy.

Your thesis is basically rent low and accept less desirable tenants so I don't think that is the best thesis to base an investment off.