If not, buying a turnkey, rent-ready property could be a better first bet.

I'd bet if there were a good field of competition the price would drop

I bet there are some ways you could proactively plan so the problem almost resolves itself. 

I imagine you'll have the same issue with the unpermitted kitchenetteIf you can rent the property as a MTR then listing on Furnished Finder will probably be your best bet.

I think your thesis is sound in general, but I would want a hedge on my bet.

Most criminals defrauded the IRSI wonder what would happen if the people who combined lost like $2M all sent 1099's to him-I bet that would wake up the IRS but not sure if it would impact their claim later on.

Hell, I might be even-steven if we had one, and I'd bet money @Russell Brazil and @Nathan Gesner would be there with me despite the fact they're two of the smartest dudes in here because they're not soft pedalers.

Your best bet would be to hire a good property manager who screens well and knows what they're doing and you should be able to get good income over a few years. 

bet dollars to donuts its leveraged to the eyeballs. 

Your best bet is to start a relationship with a local lender so you can get on the same page about what you need and when.