With interest rates going back to more normal levels (because the last 10 years they were super low) and me getting closer to when I plan on retiring, I am working on paying off my mortgages, so I have fewer expenses and more money coming in from the rentals...or if I want, I can sell them in 5 years without interest penalties.

Exterior rehab, siding and windows, is still required.

It sounds expensive, but perhaps the property falls under certain requirements, including interconnecting the detectors.Maybe this can shine some light:https://wbcapp.oaklandnet.com/cs/groups/public/documents/translateddocument/b3dk/mdaz/~edisp/dowd003911.pdf

FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower’s principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year."

STR's require immaculate staging, marketing, and appeal to younger, high-earning audiences who will happily pay $300-500 / night for a "unique experience".

Unit was loaded with designer purses, $1k shoes, jewelry, expensive furnishings, etc. 

Property is going for 65k and would sell for 135-145 after rehab.I wouldn't make a killing after expense cost but enough to get started and roll it into the next one.What says the forum?

@Chris Williams if these are your goals you’ll want to stay as lean as possible with staff and expenses.

This is not typical and is costly additional expense on the Texas Gulf Coast. 

I had a wake up call last year when our lender required us to get an additional guarantor on a commercial deal.