The reasons being, rent by room is technically a boarding home style of operation, think halfway house, elderly care facility, childrens home, etc. 

Anything metal that is outside will need to be oiled or protected monthly from the salt air, door hinges, doorknobs, gates, hooks, handles, bikes, light fixtures, chairs.

. - underground oil tanks, septic) that are unseen can pop up in distressed properties a lot.

Forgive me if this is a novice question...The home is approximately 100 years old, and had radiators throughout the entire property, as well as 2 boilers and a large oil tank in the basement. 

I know of a condo facility here in Savannah that requires all tenants to be approved by the HOA board before being given a lease.

I’m in the process of adding propane Rinaii heaters which are a little expensive but the tenants will pay their own heat and I will no longer have oil heat costs.

I’m fairly confident in the actual renovation process due to my experience with facility management and vendor relations in the restaurant industry. 

Investors analyze income, costs, financing conditions, market rents, operating efficiency, and other dangers in order to assess cash flow potential.Increased revenue from tenants, extra sources such as laundry facilities, parking fees, and storage rents, as well as mortgage payments, property taxes, insurance, maintenance expenses, utilities, property management fees, vacancy allowance, and capital expenditures.

Purchase price: $125,000 Cash invested: $125,000 The Lakeview Creamery in Pepin, WI is an old Creamery that has been turned into 3 short term / mid term rentals, a boutique retail space, and a storage facility.

But you need the land to build the new facilities.