Do you plan to flip it or hold as a rental? 

:)As for LTR rental terms, usually we sign a 1 year lease where tenants are expected to pay Electric and Gas if applicable, while the owner typically pays water/sewer/trash with the city. 

Purchase price: $175,000 Cash invested: $35,000Buyout property that needed significant upgrades to bring to rental market in 2022.

@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Typically, most cities allow for 30 day minimum rentals.

I handled our rental unit renovations, but they weren't huge and this seems an order of magnitude greater.  

Can you set up an account and post a rental directly on Zillow if you are not a realtor? 

Initially we did a light renovation on the rental unit and a larger renovation on the 1st floor.

The BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) could also be a great strategy to recycle your capital.To find deals, try direct mail campaigns targeting absentee owners or distressed properties, or go driving for dollars in neighborhoods with strong rental potential.

Diversification into multifamily also lowers risk compared to a single rental, as vacancies won’t affect your income as drastically.3.