If you can prove through 2nd appraisal that your renovations have improved the house such that your LTV is less than 75% you can get PMI removed.

I've seen numbers in the 14% to 16% range.As far as improvements, I'd concentrate on whatever it takes to get the home to the point that it survives an FHA/VA/USDA appraisal. 

It was a nightmare of tenants not getting access to running water.

TLDR: Need a shed for lawnmower, tenant needs access to this shed, but don't want them storing their own crap in it.

Hi Shelby,I think we can improve our occupancy maybe a little but due to Hutchinson Island being an hour from the closet airport it makes it hard to stay consistently booked. 

Proximity and identification of higher worth asset pockets becomes difficult/volatile to predict.Political environment and societal expectations that can be borderline ideological with regards to the aboveIf the crime does not get under control (see the above thoughts on education, gini, poverty, etc) this will weigh on perceptions and asset values for years to comeOn the upside:Indy is positioned well as a logistics hub which fueled growth, and it has a reasonably diversified economy.There is access to high quality higher education in the area.I will not invest in Indy although I did look at it awhile back.

Or should we operate as sole proprietors and use liability insurance to protect against lawsuits and have access to conventual loan sources? 

be organized.Example:3 months goalEnroll in real estate class-network and meet at least 3 real estate related professionalsSave XXX dollars toward first purchaseWork on marketing strategy, and overall strategy (define markets, focus will be SFR, buy and hold with 150.00 cash flow etc) 6 month goal--pass real estate exam--Save xxx--Improve credit score from 675 to 745make these goals quantifiable and specific, in other words you can cross them off when you get them done.The plan won't be perfect buy it's a plan and you show you are executing on it. 

Even if the rent covers the carrying costs he could still get crushed taking into account vacancy and future capital improvements/special assessments.

I don’t want to lose access to the house when I need to stay there but I also don’t want them there longer then a year if they can’t purchase the property.