The secret sauce is a good Realtor who 1) understands the STR market (not just "sells real estate") there; 2) ideally is an investor themselves; and 3) has experience working with many other out of state investors.You need someone who is BUSY - who sells A LOT of property in this niche. 

I thought others might have some tactics they've used to bring a problem tenant into line and maybe they could share some of their secrets. 

However, I recently spoke with a California property manager and discovered that their typical renovation cost is between $100,000 and $150,000.Below is the estimated cost to close for a $400,000 property:Down payment: 25% x $400,000 = $100,000.Closing costs: 2% x $400,000 = $8,000.Renovation and carrying costs: $15,000.Total cash necessary to acquire the property and bring it to market: $100,000 + $8,000 + $15,000 = $123,000.00How to Consistently Acquire Winning PropertiesThere is no magic or secrets, and gurus are not required.

Here's the secret question to ask:"What do you want to see happen?"

The secret is to pay back and repeat the secured loan at least 3 times in the 90 day period

I've ordered Secrets of the Canadian Real Estate Cycle: An Investor's Guide, by Don R Campbell, but I sense that the best deals are probably in the US.I'm going to go back over this thread and check out any of the hints, leads, tips or insights that you have given me.

BUT here is the secret in the sauce..

Not to protect from the scary secret water leak but to allow your tenants the option to wet mop their floors if they want.

I wrote this in another thread, basically this week I'm in another purchase contract, and my secret recipe is simple, I purchase a good house that has a lousy realtor haha LOL, that has been my strategy for the last 3 years, I see lousy realtor really can't sell their client home.

Don't be afraid to secret shop a few, either!