Waiting until the 1-year period ends avoids potential loan issues and simplifies things.

Basically, these are lands that technically qualify as Sending sites, but that have issues such that nobody really wants to build there.

If you have an issue with that, or are long distance, hiring a property manager is a must.

Do you have any rust issue?

That does not mean there aren't issues to consider.

Regulations & Compliance: What's the best way to research local STR laws and avoid potential regulatory issues?

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

Given the scope of your work, a simple plumbing leak would not concern me, it's a $200 issue at the most and ideally, it's just another line item when you do rough in plumbing for the kitchen.Being in a Milwaukee suburb, I am guessing it's a 1960s ranch, probably with galvanized plumbing.

One issue that I'm noticing is the range of reported insurance costs.

If I had to speculate, I would say they are facing some serious liquidity issues.