You knew the situation with the rental, lack of security deposit etc.So, with these costs factored into your plans right from the time of purchase, they are really just part of the costs to get the place rehabbed and you haven't "lost" anything per se.

Replacing carpet and paint just isn't complicated.and my point is like I said its not the book per se or BRRR lord knows I did thousands of them for clients.. but we had a much tigher control over the rehab.. then someone trying to do it for the first time out of the gate with people they basically just met..  

I d hate to be audited and come under penalties because I answered yes to questions above.There are advantages to paying some SE tax and filing a schedule C.

I am seriously considering doing exactly this in SE Texas.

“Getting into real estate” per se is not your goal.

Jeff, I don't have any industry experience, but can give you consumer feedback.I live in SE WI and many national carwash companies have come into the market and built some very high end facilities. 

And of course you would have to have a  buyer that values it higher for a sell to work.But I totally agree just because it is an STR does not make it worth more per se.

Try to figure out what will work best LONG term for you...and do a bunch of that, so it's scalable.I've continually created more headaches here in Chicago by doing STR, MTR, LTR, wholesaling flipping, etc....not I'm laser-focused on our renovation business but have enough expertise across the board to share what didn't work for me lolI am no longer investing, but I love Garfield Park and anything SE towards the lake. 

I don't have a mentor, per se, but I've got several folks who are many steps ahead of me that I'm learning from, who are kind enough to help educate me. 

I'm not an expert per se but know better.