I know people who negotiate deals like this on a regular basis. 

But this is an everyday occurrence in Utah right now.The bottom line is that prices have very much increased but so has the price of real estate. 

Worked on it for what felt like every day. completely gutted every room and replaced all major appliances and even replaced roofs, siding, windows, well, well pump, doors, etc.

This deal has 3 viable exit options: 3) flip to another investor - I got the first look and there are investors interested at above my basis; 2) hold it as rentals long term, pushing rents to market on turns/renewals; 1) the real value - sell them off to owner occupants for substantially higher than my basis in the property.Although I'm looking to buy and hold long term, the upside on the sell-off option is very compelling.

As a Realtor I see everyday people selling homes and leaving this state.

Not that you can't sell your own house or do your own work on a house, it's just generally better to have someone who does it every day, 24/7/365.

Of course I feel differently than you about making money in STR with a PM but as you mention, that conversation gets beat to death here on a daily basis. 

Your net return is 2.3% based on your initial cost basis.

Id like to connect with people if possible.I learn more everyday but getting started is more of a mental hurdle than financial... looking to buy and hold with a 7-10 year plan focusing probably on West side of Cleveland.

She has since started cleaning, but has kept having family a crisis on an almost daily basis.