If the property is able to cashflow at all or at least cover all expenses I would keep it.

Converting a garage means sacrificing covered parking, which could impact property value or tenant appeal in certain areas.

We don’t know any PMCs to recommend in the Cape Coral/fort Meyers area, 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.

Seller Financing OptionsSince the seller has struggled to move the property, they may be open to creative terms:Low or No Down Payment with Seller Carryback: Offer a seller-financed deal with a low down payment and interest-only payments for a set period until renovations are complete and cash flow starts.Balloon Payment: Structure a deal where you pay interest-only for a few years and refinance or pay a lump sum at the end.Master Lease Option: Lease the property with an option to buy, using rental income to cover expenses and fund renovations.2.

Plus a jar of mixed chocolate covered espresso beans.

Participants are continuously told “we’ll cover all these details so you can do this too in just a moment”, the moment never arrives. 

Some renters may hesitate, but if the rental market is strong and insurance is covered in your numbers, it can still work.

This should be able to help out your DTI assuming 75% of the market rents can fully cover the monthly debt. 

To cover renovations, I secured a $60K hard money loan, allowing me to improve the property without a significant initial investment.

All rents you get from this property has to go back into the SDIRA but if you get a 20 year mortgage (that the rent can cover) and can pay the rental off by age 65 you will have turned that $90K into several hundred thousand’s of paid off real estate.