I highly recommend investing in a property management software, such as Hospitable, for syncing your calendar, automating messaging, and scheduling cleans, as well as a dynamic pricing tool, such as PriceLabs, for optimizing your pricing based on market demand, local events, and seasonality. 

Interview them of course but for the most part they are hard workers that are cheap or free. 

I am based out of Chicago, il

Just be sure to account for the upfront costs, ongoing maintenance, and market demand to make sure the numbers work for you.Good luck with your decision, and feel free to share updates as you move forward!

Since your name is on the deed, you have a few options to secure financing for the rehab:Home Equity Loan or HELOC – Since the house appraised at $500K and you own it outright, you may be able to take out a home equity loan or a home equity line of credit (HELOC) based on the home's value.

Tenants must receive; signed Certificate of Rental Suitability no more than 60 days before move-in, Partners in Good Housing Pamphlet, Lead Free/Safe Cert (if built before 1978), smoking policy for multi-unit properties, Bed Bug notice as you describe above.For Pennsylvania: It's also best practice for property owners to include a lease provision that waives the Notice to Quit requirement of the PA Landlord Tenant Act.

I imagine once fully stabilized you will cashflow and live for free onsite?

We have a local roadside assistance company here that charges only $15 a month for hassle free roadside help here at the apartments and around our valley for our student tenants  that may be new to car troubles and away from home!

The fees and overall costs of these loans needs to be a key factor including what if the project goes over time . . . . you can be underwater in no time.Underestimating repair costs and overestimating ARVs based on Zestimates are the next stumbling block.There's money to be made but make sure numbers all work WITH contingencies defined and overages expected . . . remember, a project will always cost more and take longer than initially thought!

Please feel free to reach out and discuss your situation and see if this may be a good fit for you and your family.