However, you have to pay back your existing lender and cover closing costs, so you would be left with $15k after you pay back your lender.

It seems homeowners insurance does not cover rentals.I appreciate the responses.

Just have to make sure the rent can cover the mortgage (this is where you assess rents in the area or ask your agent for rent comps).

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

I've seen it happen.A home run scenario would be to acquire or build several buildings that would cover the continuum of elderly care. 

I would need to use it as a STR part of the time to help cover the costs and for tax purposes, but I'm not really looking forward to "operating a STR business" and don't need a lot of extra cash flow (I have W2 job that I truly enjoy). 

We financed the Dearborn St project using our standard Partner Driven strategy—covering all the necessary capital for the acquisition and renovation.

These are typically more expensive but can be more profitable.Condominiums and Townhouses: These can be lower maintenance compared to single-family homes and multi-family properties, as HOA fees often cover exterior maintenance.

It seems to break even on my calculator at that point, but seems risky to have to cover the refinanced mortgage. 

That would not even cover the expenses.