@Austin JamesUnderstand the area, the current tenant base,the median income, is it in a flood zone, the age of the asset, the condition of the plumbing, the electrical wiring, the fuseboxes, the age of the roofs, the age of the mechanicals, the condition of the foundation, the drainage of the property, does the property have a C of O, is there ny environmental concerns such as oil tanks being buried, the current property management company, what are the amenities.These are just a few things to look out for.

I am not a STR specialist in southern Maine, but I can connect you with a management company that is and would be able to give a more exact guess.

@Billy Farley we manage almost 700 doors in Metro Detroit, about 300 in City of Detroit, almost 100 S8 leases.So, PM us if you'd like to chat about S8:)

One may require a property managent fee to be included in the expense ratio whereas another may not.

If it's for rent, absolutely the property should be on AirBnb & VRBO, an experienced short term rental property manager could go a long way.  

I currently manage dozens of homes with septics and have bought/sold dozens more.

Shawn - I would suggest you develop a pro forma based on the stabilized state of the property to understand if it cash flows once all units are occupied being sure to include all reasonable revenue assumptions (rents, vacancy factor, etc..) as well as expenses (debt payments, maintenance, utilities, property management, taxes, insurance, turnover costs, etc..)

The bank protects you by disbursing payments to the contractor ONLY when certain milestones in the project have been reached.If you're looking to pay for the rehab out of pocket AND want to manage the project yourself, J Scott's books provide a great manual.

You'll get an idea of the rate, the down payment required, do they want an experienced manager to make the loan fundable at close- where would you get this person is it you?

Our efficient project management ensured the renovations were completed on time and within budget.