I think funding someone else who is experienced when starting would be a great way to reduce your risk.

A no contingency sale would be more common in a severely distressed non-functional property where there will be so many material defects that the buyer could not feasibly negotiate until they evaluate them.  

Hey David, the best metrics depend on your investment goals, risk tolerance, and market conditions.

I have leased to several of these. 

Quote from @Ryan Moyer: Quote from @Nick Velez: Hey Anthony,I have a few STR's in Gainesville and have lived here for about 7 years now and know several people with STR's as well.

I’m also open to exploring short-term rentals, private lending, or passive investing in funds—anything that maximizes returns while keeping risk and time commitments manageable.For context, I’d consider leaving my job if this could become a full-time venture that surpasses my current compensation (low-mid six figures).

Reward: Assess whether the uncertainty surrounding the current occupants, title clarity, and liens aligns with your risk tolerance.

Since your property has high resale potential, some lenders may be willing to work with you.Cash-Out Refinance – If you’re open to refinancing, you could take out a new mortgage for a portion of the home’s value (say, 60-70% of the $500K), and use the cash difference for renovations.Personal Loan – If you have good credit, you might qualify for a personal loan for part of the rehab costs, though interest rates are typically higher than secured loans.Partner with an Investor – Given the potential profit, you may be able to find a real estate investor or contractor willing to finance the rehab in exchange for a share of the profits upon sale.Your best option depends on your financial standing, timeline, and risk tolerance.

After several months of hard work, I was able to raise the value of the home.

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?