Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.

There is definitely more too it than just the money that goes in.

I start by telling them we have a lot of money tied up in the property, and we've been burned by folks that wanted us to believe the best of them.

Just so you know, Vrbo and Airbnb will not allow you to receive an inquiry through their platforms, and then take the booking off-platform, they want their cut of the money. 

STRs are a great way to make money, that's for sure...but it does not come without risk.

Living closer to work saves time and money.

With Laundromats the the machines are your money maker (I know duh, but hang with me). 

Hi @Alex Lee I would avoid 203K loan and work with conventional renovation loan based on knowing you'll be forced to use 203k certified contractors which will cost more money and offer inflated pricing because they must follow 203k guidelines. 

These small conveniences can save you time and money in the long run.For rent collection, you can try Rent.app, which is easy for tenants to use and keeps everything streamlined.

We rarely have issues, but it seems like such a small investment in time and money to take one day to verify.