In the old days this was known as “flash money”.  

It was gone in a flash to renovations.

If you have a high Cap rate property that turns over often, with an occasional eviction and several hundred dollar turnover expense, your net yield is likely to drop to that of a high quality property, that MAY appreciate a bit better because of the higher quality.  

Since then, occasionally one will slip through, but they are few and far between.

However, I paid a contractor to paint the exterior because they also replaced siding, added flashing (waterproofing), sealed it up, and was able to bang it out in a faster timeline.  

You only need to find an occasional property. 

SF detached in Raleigh HOA, we've owned 15+ years with minimal HOA issues, the occasional "needs pressure washing." 

In some of the larger landlord/rental websites in my state people do post occasionally that they are looking for specific types of properties to rent.

Ultimately, we will live in the STR as retirees, and occasionally use it for vacation. 

Occasionally some places will also have a quick class that is an overview of how their system works.