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I guess one should always consider that the rate is always based on FULL loss and FULL replacement, so I guess there's no harm in asking, though your results may not be as advantageous as a layman might consider.Thanks all for your input. 

Finally, short-term rentals can offer potential tax advantages, as many expenses associated with the property may be deductible.

.- If you try to hire contractor directly, you have about a 90%+ chance of getting taken advantage of.

This can create deprecation needed to offset these gains, and we don't need to qualify for real estate professional to take advantage of it in this case here. 

My target is 8% plus for properties less than 10 years old as I want to take advantage of depreciation deductions.

I would look into assets that are non-correlated to the stock market or real estate, as well as tax advantaged assets to help shelter your income. 

But he has clear advantage of getting much larger deposit (landlord in most jurisdictions is limited to collecting 1.5 or 2 months' rent payment, which he must place in an escrow vs. $8000-$10000 Scott can collect and use for any purpose the next day). 

If you did, you could take advantage of some unique strategies, like renting it out while traveling (as long as it’s for 14 days or less) and having that rental income be completely non-taxable.

These should be reflected in the purchase price or negotiated as part of the terms, such as the seller carrying some of the renovation burden.Use seller financing to your advantage by proposing a price closer to $225,000-$250,000 with terms such as 20% down, a low interest rate (4-5%), or interest-only payments for 3-5 years, with a balloon payment once renovations are complete and cash flow stabilizes.If the seller is firm on price, consider negotiating higher down payment terms to reduce the financed amount, paired with interest-only terms or a price reduction tied to renovation milestones.Key questions to address include the condition of the septic system, which can be a significant expense if it fails.