I pointed you here, where people with decades of experience are telling you there are some significant downsides.In your other post, you said you were a flipper and this would be your first LTR. 

bringing on someone not only fiscally but also with experience in this type of rehab is key, as you will need to write a good scope and budget for the unknowns.

My plan for doing that is to acquire 40 properties with partners and pay off 40 of my own properties and have them free and clear.

I understand that nothing in life is free.

Does someone have experience buying a foreclosed property and keeping the existing person/family living there and converting to a tenant? 

All have different perspectives in terms STRs and how your neighbors could potentially impact the experience.

Feel free to connect, and best of luck

Turnover costs can be frustrating, but they’re worth it for the peace of mind that comes with having quality tenants—tenants who pay on time and don’t bring the daily stress of dealing with bad renters.If you keep these tenants, they’ll likely cause more damage, knowing they can get away with it.

If you have any questions feel free to reach out I can help clear any confusion or help look at the comparisons.  

I’m planning a trip to Birmingham in the next week or so to meet with agents, build my network, and hopefully find my first deal.If anyone has experience investing in Birmingham or has recommendations for agents, contractors, or lenders, I’d love to connect!