No room for the unexpected. 

How do you usually approach unexpected repairs or big-ticket items?

.- So, you may want to consider locking in an interest rate via a 2nd mortgage.Do you have reserves for unexpected expenses?

I’d love to hear your experiences, especially if there were unexpected benefits or challenges.Looking forward to your insights! 

Your approach here has definitely given me a lot to think about in terms of spotting hidden value.Curious, with the deferred maintenance challenges you faced, was there anything unexpected that came up during the rehab that you’d approach differently next time?

This gave us peace of mind and ensured that any unexpected incidents wouldn't result in major financial setbacks.These two choices have played a crucial role in optimizing our STR strategy, balancing profitability and protection.

If not, paying off the STR could leave you vulnerable to unexpected expenses or downturns.

Expect delays and unexpected expenses: No matter how straightforward the project seems, having a contingency fund for emergencies is essential.Your Team matters.

I would recommend planning for some unexpected costs on an extensive rehab like this, especially if the current tenant didn't treat the house well.

Quote from @Kar Sun: This isn't right.The tenant should have liability insurance, which protects against accidents like a kitchen fire, a slip-and-fall, etc.