We have had to reduce nightly rates 30% just to get bookings in my area which is Port Saint Lucie, Fl. 

So if the deal goes right, I get a return in the form of equity on the house, and my rent is also reduced since let's say, as part owner, I would be receiving a portion of the rent (which I would be paying...).

@Mordechai ChaimovitzGreat points made above along with what @Daniel C. said referencing @Tom Shallcross's post on another thread.The context and variables for each individual investor will vary but many people are comfortable with getting a 2-4 unit that will reduce their out of pocket expense compared to their previous rent with the intent to do rehab and raise rents over time.

Does anyone have a template or method that they use in order to screen tenants effectively in order to reduce the risk of non payment and damage to the property? 

:@Joshua SmithWay to go in reducing the principal balance of your primary residence.

Purchase price: $715,000 Cash invested: $297,000 Current Price: $830,000 (originally $950,000 on 4/13/2024, reduced by $120,000 in 6 months).

Having a group of friends living in an apartment complex creates a sense of community and reduces turnover.

There aren’t many residential development companies operating at this level, which reduces competition and risk.

Use your energy on something more meaningful.

Some might not be livable at purchase but 5k still seems cheap unless there is something off with the data. maybe the prices were reduced on unlivable properties due to back taxes being part of the deal for the purchase.