Your income needs to be 100x it and you need to invest 10% of your net(so less than $5mil) annually in structured product type investing incl RE, let it season for 3-5 years, re-invest the first bit of profits and by year 8-10 you should be comfortable.$500k annual income is alot for your average folk, but it's not "retire me" income at all.

I’m not a tax expert, but one thing I’ve learned is to maximize deductions where you can.

If the ARV has risen to $260k and you’re renting it out for $2900/month, you can likely qualify for a higher loan amount.Here are some key points to consider:Loan-to-Value (LTV): A typical DSCR refinance will allow you to borrow up to 75-80% of the property’s ARV, so for a $260k property, you might qualify for a loan of $195k to $208k, which could help pull out most or all of your original investment.Debt Service Coverage Ratio (DSCR): Since you're renting for $2900/month, the loan payment will need to be covered comfortably by that rent.

I'll echo what Zeke mentioned about interviewing multiple realtors / PM's / Contractors to make sure you can get a good idea of what the area is like, in addition to working with someone you're comfortable with. 

The renovation aimed to modernize the property, enhance its appeal to potential tenants, and maximize its long-term value.

In my experience, allowing these professionals to guide you can be highly beneficial, as they are likely to recommend properties they would be comfortable managing.

______Make it make sense.As someone who grew up in California, this tells me two things:1) you don’t know what you are talking about and are very comfortable with your ignorance;2) you won’t even take two minutes to find facts.If the hydrant system relies on electric pumps and in some areas there’s no power, then there is no water.

Quote from @Scott Mac: Safety - Inherit a fully paid for SFH, in decent condition, in the neighborhood you live in, and rent it out to long term tenants who you are comfortable with.

However, if you seem similar listings in your area and they're requiring tenants put utilities in their name, then you should feel more comfortable doing so.

Ultimately, it's up to you and your personal comfort.