Also, it helps if the deal has good returns, which might be questionable at this point, although I know nothing about the market or the property you are investing in.Bottom line is that if the deal works, I would recommend that you go in with a partner or under someone that has experience doing larger deals and potentially syndications.  

The Property Management Mastermind podcast and Facebook group are fantastic resources.

@Lucas Schlund not seeing oversaturation in Metro Detroit, but there is some up in the Traverse City area - which implemented STR controls.Yes, it's always a good idea to buy an STR property that you can at least break-even if you have to turn into an LTR. 

Hello everyone,we got a bid for 20k to get our rental property ready for the market and get the CoO (certificate of occupancy).Any product out there to finance the project?

Hi all,I've met and spoken with a few great prof's in the Columbus area, and since then, have made 2 offers on home (both didn't work out).I'm going out to visit in December to meet with and talk to a few people; including sellers directly.My question is for those of you who have experience and a few properties + in the mid-term / corporate rental realm.How have your vacancy rates changed over the last year to 2 years? 

Quote from @Whitney Bivins: Yes, I would consider selling it.

If converted into a rental property, renovation costs can be capitalized for depreciation deductions.Good Luck!

@Samantha Stephens my experience is the property is only available for those will OO to bid on during this period.

It is difficult to property vet these operators without learning on the experience of others - that is one of the biggest benefits of finding a Community!

All in $192k and could sell hopefully $215k.