Makes sense to let someone ruin it before getting LVP, unless LVP will get you higher rent now (possible).Carpet is worse for your indoor air quality though, I'd probably get rid of it the next time I was bored...

A lot of your STR success will depend on you, your systems, your rules, and your common sense.

I ended up choosing to invest out of state b/c the numbers and landlord laws just didn't make sense to me.

In addition to numerous tradition RE related investments (most individually owned but some as LP), here are our unusual investments (both are RE related, but not what is common on this site)- I have mentioned this one a few times on BP, when fracking was just starting to be known to the general public (near turn of century), we purchased mineral rights in North Dakota.  

Mortgages make a lot more sense when rates are really low. 

If you are older and need the cash flow (retiring), then yes, paying all cash can make more sense. 

@Corby Goade Totally makes sense.

It has 24 categories and nearly 500 common repair items and prices that you can use to help you estimate costs, see link below:https://www.biggerpockets.com/...

Assuming it makes sense and covers its costs. 

I agree the 7% rates really don’t make much sense at this point and the 45k investment will hold up significant capital.