Clean up, do repairs, secure, add exterior lighting, add cameras, add fencing, spend the money to ave your investment, whatever is needed to make the subject safer, desirable, and cost effective.

I am going to get some quotes for demo vs refurbing and see what's cost effective.

Getting in front of motivated sellers but also refining my process to be the most effective.

My advice would be to formulate an action plan with Onneka, your lender and your agent. i.e. spend the next 2-4 weeks effectively assessing your investment options and the current market (available inventory, sold comps, absorption rate, etc).Start with the end in mind.

I know this is not particularly cost-effective upfront, but hindsight is 20/20.I've heard of the "6 month rule," when it comes to cash-out refinancing. 

I am looking for advice on effective list sourcing and marketing.

You’re effectively paying about 6.5% to borrow.

If so... how does it work, how effective is it, do you have any tips and would you recommend?

It sounds too simple to be effective but a quick "johnson county short term rental" google will get you everything you need.

It is effective on March 4, 2021, and will replace the Homestay regulations. ...General InformationShort Term Rental regulations apply to dwelling units that are used for overnight lodging accommodations that are provided to renters for no longer than 30 days for compensation.