We did however, put in brand new HVAC to both units, new flooring in the bigger unit and then furnished them nicely to rent MTR. n This location is 2 miles from one of the largest hospitals in Knoxville and only 3 miles to the college and downtown.

It was already furnished and used as a short term rental and therefore turnkey. 

The tax benefits have been the largest source for cash income so far; in future years this will likely be lower because much of our tax savings has been due to one-time costs related to purchasing and furnishing a new property.

Purchase price: $190,000 1031 exchange property, hybrid STR/MTR, fully furnished

Furnishings that may not already be present3.

Finally, we offer apartments for the men to rent which more closely resemble your standard apartment.

For enhanced returns on a RELATIVELY passive basis, I have had success with FURNISHED LTR, as well as 3 - 6 month leases.  

I've also taken pictures of each room so I have proof of the state of the furnishings etc.

One other thought is fully furnished mid term rentals.. these have worked very good for us in Vegas we get a double or better rent premium on ours.. much less work than STR and you dont have to worry about ordinances or HOA restricting them..

I furnished them from estate sales and local furniture shops, and the furniture/sheets/towels become damaged over time and need some care.I have a PM manage the remote houses, and they cash flow just fine, the PM handles issues that come up, and they paid off the debt on them once.