Pick a property with an unfair advantage (river, lakeview, oceanview, mountain view, acreage, privacy)3.

The scope of the rehab: All New Interior Paint Some Exterior PaintNew Floors in the Master Bedroom New Stainless Steel Appliances Painted Kitchen Cabinets and Added New Hardware Tore Some Kitchen Cabinets Out and Added Floating Shelves New Light Fixtures All New Sod in the Backyard New Privacy Fence Interior Drain Tile and 3 Support Beams Added to a Basement Wall Epoxy Painted the Basement Concrete FloorNEW HVAC System Framed the Whole Basement Out and Hung Drywall - Mud, Taped, Sanded, And Painted All in all the live in rehab took 6.5 months The numbers:Bought: $125kRehab: $11k (1/3 of that was the new HVAC system) Appraisal: $168k I was happy with the refinance appraisal number I gotI am able to refinance out of the PMI, lower my interest rate, and lower my monthly payment I forced about 30k in equity I did not do a "cash out refinance" as I wanted to live my equity in the home and pull out a HELOC in a few months to allow for a purchase of another property or a "rehab fund." 

As a last note, privacy is king, discretion is paramount when working in the HNW world and as such these fund managers are usually very adept at making themselves appear as just another average investor, utilizing dozens and even hundreds of sub-entities at operational levels.

From there click on the Privacy Tab you can choose what is seen and by who. 

Besides the family/privacy consideration, I'm also not sure there is a demand for small one bedroom rentals here in my town.

I left after one night and stayed in a hotel because it was uncomfortable and I felt that the host was completely disregarding the privacy of her neighbors, if not her local zoning ordinances.Your neighbors have three primary fears:  1)  A fear of a compromise in their privacy and quiet enjoyment of their own homes, 2) A fear of a decline in the values of their own homes because you let yours start looking like a trailer house, and 3) Ted Bundy being a guest one night.Probably the best thing you can do is to go and actually meet the neighbors, shake their hands, assure them that you are going to keep the property top notch at all times, you are going to carefully and meticulously screen your guests out of respect for your neighbors, and, most of all, FOLLOW THROUGH and be a good neighbor.  

The spectrum of house hacking is higher returns and less privacy on one end to lower returns but more privacy on the other end.

Families are looking for the privacy, control over their environment, and social distancing they can find in an STR.With work and school schedules changing due to remote work and learning, families may start traveling in the previously "slower" months.

These avoid probate and help maintain privacy.

I am curious to what extend other builders have optimized SFR for renting out rooms / privacy.