Crime has been rising a little and with my property having newer renovations and standing out a little more it’s caught some attention.

@Jonathan Greene thanks for that shout out! 

Is there a market out there in which this could work?

I want to make sure I can pull most if not all the money out on a refinance.

I'm finally ready to take the plunge into real estate investing and am super interested in the potential of short-term and mid-term rentals.I'm drawn to the idea of creating passie income .Right now, I'm trying to narrow down my market ( North carolina and Texas)and learn the ins and outs of STR property analysis.

Seems like this is mostly for tear out which is the easy part.

Found out about this deal through an acquaintance.

Jerrell,That would be a pretty simple process you could use a renovation loan or do a cash out refinance. 

I'd tell them that they signed the sales contract and rent is always paid in advance, so they are out of luck. 

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.