If the permanent financing will allow you to recover most of your initial investment and the fair market rent covers the principal, interest taxes, and insurance with cash left over, you have a BRRRR.

Questions they will have is who is the owner, what experience do they have, is their key person insurance against them etc. 

Understand the local permitting requirements, keep eyes on your property to avoid squatters, and make sure you have a great vacant insurance policy while you're renovating.

Quote from @Jeff Roth: Hi Lina from Texas-Congratulations on your interest in investing in mid-term rentals and you are wondering how and where to get started.I get this question frequently from investors.Sometimes and investor is looking to keep their property cashflow positive as insurance and taxes have squeezed cashflow by turning units into mid-term or short-term rentals.First off, ideally, the property will cashflow as a long-term rental should something disrupt the mid-term rental model.You will also want to have the property be near where there would be a demand for mid-term rentals (hospitals, universities, research centers).Monthly rents for mid-term rentals are about 20% (+/-) higher than unfurnished similar long-term rentals.There are property managers that will manage mid-term rentals for you and I always advise my clients to use property managers to keep their investment as passive as possible and for compliance issues related to Fair Housing Laws and local regulations.To Your Success! 

In our market it is important to make sure they are a licensed broker, carry adequate GL and worker's comp (and name you as additional insured).  

Specifically:Licensed and Insured Contractors:Strong experience in fix-and-flip projects is preferred.Proven track record for meeting deadlines and staying within budget.Interested in building a long-term working relationship.Real Estate Agents:Knowledgeable about properties in Chattanooga and surrounding areas.Skilled in identifying high ROI opportunities for fix-and-flip projects.Open to partnering with an investor for repeat business.If you or someone you know is a great fit, please comment below or send me a direct message.

Clouded titles are often uninsurable from a title insurance perspective. 

I'm also having issue with no onsite manager, but in regards to insurance. 

It will also insure that you are able to find the right submarkets in thew area that you are looking. 

The cashflow should cove ALL of the expenses for the primary (mortgage, taxes, insurance, utilities, etc) AND put money in their pocket.