I know Proper is specifically cited for its comprehensive coverage, which is detailed very well on their quote -- everything from liquor liability to assault to sinkholes... 

Do a detailed financial analysis, including how much you'll need to invest initially, how much renovations will cost, what it'll cost to furnish the place, and what ongoing expenses you'll have.

Detailed Inspection Report: Ensure you get a comprehensive report that outlines what needs to be fixed, if anything.Gathering More Information:- Talk to the Seller: Understanding the history of the repairs and any challenges they faced can provide valuable context.- Review Historical Permits: Check with local building authorities to see if the previous owner obtained the necessary permits for the repairs.

@Mukesh YadavNot enough details for a useful answer.

Thank you very much for detailed explanation!

I did some research trying to find a good detailed lease template to have my tenants sign but none seem to be specific and exhaustive in terms of covering any and everything that comes with the type of tenants that one finds in these type of neighborhoods.

New investor here so I am extra cautious.

It sounds like you're being creative with your extra space.

Since we are total amateurs, we don't which way is better (either get a property for short term or invest that extra cash .Any help will be appreciated!

I have had zero exposure to details of private or hard money terms.