. - LLC doc sets are fairly cheap and easy to create these days (with limited assistance from lawyers) and its much much better to have that cover bases on arrangements like this - it will also fit nicely with financing options - whether you take on debt from a lender in a co-equity situation like your first plan (refinance loan to LLC post rehab?)

Lots of cheap areas look really high COC but then you have an eviction or lots of turnover costs and the COC in real life gets way lower.

I have heard it's relatively consistent with cheap housing (cash flow comes to mind).

I had to give them the bad news, there were no beach properties that cheap and the real prices are $1M to $5M.These articles pull the sales data for zip codes which can span over 100 sq miles, but then show the income data from a small area (1 to 10 sq miles) within the zip code. 

Upgrades to the house, improved kitchens, bathrooms and the like will yield a return when you sell of course.Getting into STRs on the cheap has gone the way of the dinosaurs.

Rent-by-the-room tenants are more so catered toward working-class/blue-collar or young professionals looking for cheap rent.

Think beyond year 1 and resist the urge to go for cash flow in a cheap market with little to no population growth.

These leads are not cheap full price so be very careful!

When you replace it, you deduct this $8k.Tax professionals who know the fine details of these issues are not cheap.

Fair warning, it wont be cheap.