I think having a balanced budget would be ideal where you allocate money into buying another property and money set aside for renovations.

We sell the property and each side get their money returned off the top then we split the profits 50/50.

You put QR code placards through your property for guests to see and browse.  

If not I wouldn't bother selling as there is an incredible amount of money lost in buying and selling properties, so you have to make sure you have a plan to maximize the equity and actually have enough. 

Does anyone know how insurance companies evaluate these properties and whether or not real value can be realized for insurance for renovation? 

I am interested in buying a long-term turnkey property in a nice area (I live in San Diego so this property would have to be out of state).

Where did you find your property?

What are the usual lending parameters for a person getting there first property with roughly a 700-730 Credit Score and trying to secure a home 200k or under? 

I'm a property manager, and I also buy/sell property.

Would a property with 4 bed or 5 bedroom would have a better cash flow ?