My suggestion if your goal is to free up some equity to use for another purchase - start small with the single family home with a cash out refinance.

I work on projects across multiple states and have a strong network of contractors.Regarding when to involve a contractor, if it’s someone you haven’t worked with before, I’d suggest waiting until after the inspection.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

If not, here's what I'd suggest instead:1) Get your real estate broker's license as soon as you turn 18.  

But my suggestion for future listings.Look at days on market in the area that you are going to list.

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.I thought this might be an interesting Case Study.Thanks for the Ideas.If the situation is as dire as you suggest, there are other bills he hasn't paid and there are likely liens on the property.

Any other suggestions?

I have started my research on management companies in the area and will take your suggestions and learn more on this topic!

Isaiah, I would suggest starting out with doing some research on some of the available platforms like AirDNA.

So I would suggest keeping your STR property geographically close and doing as much as possible to keep your profit% high as possible.As far as the actual house you use, I would just say - be honest, be fair and strive for the best area, most amenities, cleanest house, best communication, and any other extras you can get.