Look for a place where you can secure items that you do not want tenants to have access to. 

It isn't having paid off properties that offers security, there are still taxes, insurance, maintenance and management involved. 

I would look FAR AND WIDE for someone to do an investment property HELOC -OR- go to a bunch of banks and CUs (including who you bank with now) to find someone to provide an unsecured (or secured if you have other collateral) LOC to get rid of the high int debt.

I noticed that the previous owner let them pay half the security deposit and the other half later, which is a red flag.

I had two lines of credit one unsecured for 5 million ( check book) and another for 10 million that we would secure them up with .. but you need time to do that bank required appraisal etc before we could tag the secured line and even at that they only lent 72% in these commercial loan structures..

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

AirDNA shows it on the rise in terms of annual revenue, occupancy rate, average daily rate and revpar, with about 3,000 total listings.

It’s inexpensive to provide but can make a big impact.Comfortable Bedding: Investing in high-quality mattresses, pillows, and linens improves the guest experience and leads to better reviews, which can boost occupancy rates.Smart TV or Streaming Services: Offering Netflix, Hulu, or similar services is a low-cost way to enhance guest entertainment and stay competitive.Fully Stocked Kitchen: A well-equipped kitchen with basic appliances and utensils appeals to families and long-term guests, saving them money on dining out.Dedicated Workspace: If your property caters to remote workers, adding a small desk and ergonomic chair can set your listing apart.Outdoor Spaces: If your property allows, an outdoor seating area, fire pit, or hot tub can significantly increase your nightly rate and attract more bookings.Energy-Efficient Features: Guests appreciate eco-friendly options like LED lighting, smart thermostats, or solar panels, especially in eco-conscious markets.Keyless Entry: A smart lock is a relatively small investment but offers convenience and security, which many guests value.If you’re deciding on amenities to add, it’s always a good idea to research your local market.

**************************************************************************Insurance premiums of American homeowners rose last year, with rates increasing by more than 20 percent in six states, according to a recent report from S&P Global.In 2024, insurers raised rates by 10.4 percent as of Dec. 27, which followed a 12.7 percent hike in the previous year, according to the Jan. 21 report from the company.In total, 33 states saw premiums climb by double digits last year, with the largest spike seen in Nebraska at 22.7 percent.

Any unused funds from the engagement fee are typically credited to the borrower at loan closing, reducing your total cash to close.