I want to give it another shot to sell, but this time as a tenented, turn-key with 12-month lease in place and great tenants.

Hello BP community,I have bought 2 houses LTR in the Savannah GA area this year, specifically in Ellabell.

Does anyone have experience doing this in today's market?

This is also my friend’s childhood home. 

Once things are stable again, then you can educate yourself and focus on how to improve your investments to protect you against this situation in the future.

You are playing with fire with this strategy to start, but then when you count in an inexperienced rehab to rent a year later, I would earmark this for disaster.

I would discuss financials on this if you choose to come see the pre-rehab on Dec 1 (I have made a lot of money (close to 7 digits after this rehab is done in ~2 months) but due to not executing a cash out refi (due to the rate increases) my return is below my underwriting).

This building was built and 1924 and has a lot of old character.

-therefore, there won't be any net 'cash flow to cover rent' for years.to be clear, i say this not to say "don't invest out of state." investing out of state is fine. 

Quote from @Joshua Wei: Can anyone recommend a company in or around Birmingham, Alabama that performs cost segregation studies for single-family homes?