Each area has its own rules on how it works, but basically, you buy the house, pay a deposit and agree to rehab the house within a certain amount of time.

Learning how to use the correct tools and materials for a job, YouTube videos and even ChatGPT will help you get through 80% of the problems you will run into.My rule was I would not mess with HVAC, plumbing and electrical Or if it would take more than a few hours. 

Property taxes will likely be reassessed based on the transfer value, so confirm local rules to anticipate potential increases.If you hold the property for at least one year, you can use the equity as collateral for a construction loan, aligning with your long-term financing plans.

It's a great market because you can still find section 8 rentals well over the 1% rule.

I am better for knowing what cash flow actually is, the rules on homestead exemptions in my area, etc.

Contact the tenant, remind him how rent is to be paid, and require him to follow those rules.

If you have a rule, enforce it. 

Quote from @Jeff Roth:Monthly rents for mid-term rentals are about 20% (+/-) higher than unfurnished similar long-term rentals.I would not base the income potential for a MTR on a rule of thumb.

Here are some key elements to include:Lease Agreements: Ensure your contracts reflect the latest laws, such as notice periods for entry or rules around security deposits.Fair Housing Compliance: Familiarize yourself with federal, state, and local fair housing laws to avoid discriminatory practices.Property Standards: Regularly inspect your properties to ensure they meet safety and habitability standards.Tax Documentation: Keep accurate records to comply with tax reporting requirements.4.

On top of that (even with the insurance rate increases here) it STILL almost hits the 1% rule in terms of cashflow.