My tip is to focus on what adds the most value to the property and the market you’re targeting.No matter how thorough your initial budget, unexpected expenses are almost inevitable.

We have seen this first hand in the Chicago market as well.

Id rectify the situation the best I could then market for a normal tenant. 

I've also brokered several properties in Dayton and find some good off market deals there. 

If the city's requirements are bare-bones but all active rental listings are more elaborate, we go with the market trends to make sure we are competitive & provide what tenants are looking for.

You’ll learn about tenant relationships, property management, and the overall real estate process, which will be invaluable as you grow your investment portfolio.Market Research: Since you’re in Long Island, do some research on the local rental market.

Sounds like it is long enough that in my market you will need an electrician to add an outlet on both sides.B.

@Rene Hosman the answer to your question will have a lot more to do with your goals and if the market aligns with them.

The problem is their capital is tied up, so I've been asked if I would like to purchase the house and then lease it back to them.Here are some pros/cons that I can think of:Pros:-We haven't agreed to a rent amount, but it will be above market rate.  

Full-service property managers" or Turnkey providers aren't really a thing in Columbus because if you want a deal that makes sense you need to source it yourself off-market to add value and provide it to clients.