There doesn't seem to be a lot of MTRs (rooms and entire units) in the area just based on initial searches on Airbnb and Redfin, but I understand this isn't the only indicator of demand.

  $75k (initial negative equity)/$577 (monthly cash flow in this hypothetical case) = 130 months (10.8 years).  

Even without the cleaning fee the out the door price is still much higher than the initial ADR.  

Of course, securing the initial and ongoing capital to invest in the market is a bit tricky (it usually requires being frugal and making an already healthy income), and you are exposed to the risk that the company you are invested in is the next Enron and could go to $0 tomorrow.  

They are telling me they can afford the rent per month but have a hard time coming up with the initial first last and security.

I initially focused on optimizing and growing my portfolio, which grew into helping many of my investors here in Denver.1) Do a full annual review of your portfolio - Portfolio AnalysisYou don't need real time tracking month to month. 

I have investments that send on-time quarterly reports with documents like rent rolls, expense reports, detailed explanations of whether we are in line with initial projections or not and if things have been improving or not and why.

It's turnkey, but there will be a lot of repairs beyond the initial agreed upon improvements.

Successful real estate investment begins with teaching yourself about the landscape, networking, initiating small, being financial literate, doing something, and never giving up.

The problem with that is two-fold: first there are likely existing assets that are not replaced that qualify for shorter asset lives so you're leaving money on the table, and second you have no cost basis for the removed assets replaced in the remodel as they're intertwined with the initial building cost basis so you'd technically still be depreciating retired assets which is tax fraud.