Do you think it is worthwhile to hire a project manager from day 1 of the renovation process?

Once that phase is complete, I’d transition back into long-term holds.As for the cash-out refi, without at least doubling the rent, I’d be in a net-negative position each month, which doesn’t seem like a worthwhile trade-off.On the tenant side, I agree with your point about the business aspect—it’s something I’m working on coming to terms with.

Real estate needs to make at least 15% to make the effort worthwhile and have a chance for >20%. 

I am just being more careful on the price because I know it will take five months so I want it to be worthwhile if I am going to do something like that.

They'll likely have follow up questions about who handles maintenance, larger SD, etc... so be prepared to quickly answer these.Value to mention:- Professionally cleaned property after each stay and exterior upkeep- Staged photos that you can share with the owner for marketing purposes- Capex coverage up to $XX,000 (might need to include in SD)- Extra $XXX per month (likely may need to pay a little extra in rent to make it worthwhile, otherwise they can collect the same amount as LTR)Also, google "Airbnb apartments" or check their website. 

It is a county by county decision.You have to screen through a lot of  junk to find the worthwhile ones.

When you get into the remote Chihuahuan desert (Culberson, Brewster, Jeff Davis, Presidio, Hudspeth, and the south ends of Pecos and Terrell counties) where there has been almost zero oil and gas development can you get a patch without pipelines that's big enough to make it worthwhile.

I would appreciate any advice on whether it's a good idea to invest in land on a slope and the potential challenges of building on such terrain.If this seems like a worthwhile investment, can anyone recommend reputable construction companies that specialize in cabin builds on slopes? 

But a burlier, more complete system is likely worthwhile.

It might be worthwhile to wait until the lease is up in Feb which is only a few months out.