I've been underwriting an old warehouse (built 1940) that needs a complete renovation/gut (reno cost would surpass building purchase price). 

The home has a formal living room, 2 family rooms, and an office.FURNISHED:The residence comes complete with a master bedroom featuring a king-sized bed, two bedrooms each furnished with queen-sized beds, and a fourth room equipped with two twin-sized beds.

The welder needs builders insurance and should add you and the homeowner to his policy until project complete.

It seems to make the most sense with a new development/lease up to master lease a block for 1-2 years to accelerate stabalization and either phase it down to an appropriate # of units or to phase it out completely.

Yes, we have a complete check list to onboard the client.

However, the nights they cancelled have already been completely filled by other guests, so I didn't really lose the opportunity to generate income. 

Plan to refi after renovation complete and renter in place (est $695 for 4th unit post rehab).

Even then, OOS REI will come with some significant challenges...Specifically, one of the MANY reasons OOS REI is so difficult (esp. for beginners) is that it requires you to assemble, manage, and incentivize a team of people you'll be completely reliant on from hundreds of miles away (sometimes without even meeting those people face to face).

Before it was rented I added kitchen cabinets and a counter where there was none, remodeled the bathroom (not a complete makeover, but substantial), added a dishwasher and installed flooring.  

To me this is just a complete waste of money for those just getting started.