Basically a 3 page excel spreadsheet that outlines the property details, as well as costs associated with purchasing and making ready for tenants, including adding bedrooms if at all possible, which is of course is Homeroom's specialty.

Not only can they handle risk management, but they also excel in marketing, optimizing the guest experience (leading to positive reviews and referrals), and leveraging technology such as booking platforms and pricing tools.

Keep in mind this might be spread out over 2 up to 7 years depending on your site selection and the economy.6. 

Have a list prepared around a nice area of houses that you have selected that will fit your criteria....maybe see the insides of one or two?

@Bailey RentzStessa is an excellent platform for tracking income and expenses for investors; it is user-friendly.

You've raised some excellent questions.

I am primarily concerned with completing renovations in a timely and satisfactory condition, so I foresee the selection of GC looming large in my project's success.

If you are in low to mid six figures say $250k a year -   you would need around $2.5  - $3M in cash to make the similar income consistently and without significant risk.Thank you, Chris, for your thoughtful insights—it’s an excellent point to consider the financial and tax implications of leveraging equity.

I now am more selective about loan officers as well as lenders. 

Excellent info!