You also have to be super detail-oriented, focused on continuous improvement regarding the property and guest experience, very in-touch with what it's like to be a guest at the property (and a cleaner of it as well), and focused on technological tools and opportunities. 

Separately from all of that - I recommend reviewing your lease up procedures to improve verification of signing tenants and their agreement and aware of terms and conditions. 

Rehab Scope:Cosmetic remodel: Painted the interior/exterior, updated the kitchen cabinets and countertops, and installed new flooring.Modernized fixtures: Replaced light fixtures, outlets, and switches throughout.Enhanced curb appeal: Painted the brick exterior, added landscaping, and modern black accents.Timeline: Completed the rehab in just 4 weeks to minimize holding costs.Strategic Upgrades: Focused on cost-effective improvements like vinyl flooring and fresh paint, wh What was the outcome?

A HELOC is a great way for you to self-fund the improvements.

A potential challenge with a HELOCs is they are based on the current appraised value of your home, not the improved value, so you would need to make sure you have enough accessible equity.

If we rent to own, they are OK, but we cant refinance because we don't have the deed.Are there any unique scenarios to help us get the property for little money out of pocket, we have the ability to have the deedSign a lease agreement with a purchase option that allows you to buy the property at an agreed price at the end of the lease term, consider establishing a partnership with the seller to jointly invest in property repairs and improvements.

@Nate Pucel The depreciation basis for a rental property includes the purchase price plus the cost of renovations and improvements that add value or extend the property's life.

I would focus on improving your credit and obtaining a more stable income so that conventional financing is an option. 

This gives you a foundation for making a fair offer.Secure Financing: Be prepared to show you’re a serious buyer with funding lined up, whether through cash, traditional financing, or a creative option like seller financing.Have a Strategy for Repairs or Development: If the property is distressed, outline how you’ll handle improvements to bring it back to productive use.

We invested $55,000 in key renovations, focusing on modernizing the interiors, improving curb appeal, and ensuring the property met market expectations.