And you're right, getting to know the personality of some of these older buildings is a must to be realistic about appliance purchases and even advising your tenants on moving in furniture - otherwise they often try to fit the square peg in the round hole and destroy the walls in the process with huge couches and furniture.

You may need a much larger budget to buy and close on a property let alone renovations and furniture. 

I need to cash-out 75% LTV to have $ for future projects and furniture. 

There are also bonus depreciation from from Furniture, landscaping, or appliances that can also be applicable. 

With a 3 bedroom house, moving all of that furniture again is not something renters take lightly.  

Yes this is high but it is not what the sellers will tell you.I am making the assumption that the house is fully furnished to your likeness with all bedroom, pool, living room, game room and loft furnitures. 

Do they want it furnished or likely have furniture? 

You would probably have to buy furniture and rent it mid-term for a few years.  

Thanks Andrew for the question I have the house on furnish finder and Air bnb saying it will be furnished but I don't want to throw anymore money into the house unless I get some bookings so far in 3 months I got 2 air bnb bookings an no furnish finder  I already over leveraged myself on how much money I put into the house I'm scared to fill it up with furniture and it just sits there with no one renting it

Therefore, it’s usually best to have a written rental agreement.However, even if the agreement is oral, the landlord must give you a written statement regarding the name, street address, and phone number of the landlord or agent for receipt of legal notices; the contact information for the person who is to accept the rent; and how the rent is to be paid (for example by cash, check or money order.)It's especially important to have a written rental agreement if your tenancy involves special circumstances, such as any of the following: You plan to live in the unit for a long time (for example, nine months or a year);Your landlord has agreed to your having a pet or water-filled furniture (such as a waterbed); orThe landlord has agreed to pay any expenses (for example, utilities or garbage removal) or to provide any services (for example, a gardener).