I appreciate your details.Your obviously light years ahead of me and you mention looking for and finding deals as the most time consuming activity.

Can you shed a little light on that one?

If they have concerns regarding that, they should contact the former owner (tread lightly, this may become sticky).

As long as you follow fair housing rules, and don't use race, color, national origin, religion, sex, familial status or handicap in your criteria, it is your decision.

Purchase Price: $287,000Rehab: $17,000Loan: 15% Down Owner Occupied Conventional Loan, 5% Interest Rate 30 Year Fixed.Current Rent Roll: $1750 (Owner Occupied) $3500 upon moveVacancy/Maintenance/Management: 5% for each (but I do self manage) * Rehab included new kitchens (cabinets, hardware, appliances), paint, concrete pad in the back, new bathroom fixtures, light fixtures & outlets swapped

So just tread lightly on this because, on the surface, it makes no sense.In any case, here's how you do it.Create an S-Corp whose charter is Property Management. 

Not much value needed to be added other than some light electrical work, appliances, and rent specific needs.

Normally I would say add some more artwork to the walls to give it more color and pop, but it might not be necessary seeing as you have a short stay long term rental now. :)

@Joshua Carter a SIGNIFICANT portion of my due diligence and inspection process requires the utilities to be on.For instance, I run all plumbing extensively to check for leaks, I ensure that appliances are functioning correctly, I check all lights and electrical outlets for functionality & ground, we check the fuse boxes for functionality & condition, we assess the performance of furnace & AC systems, and water heaters, we check the functionality & safety of the gas lines, scope the sewer main and assess water flow, test for radon & meth contamination, and basically give the entire property a thorough "test drive"  --which isn't possible if the utilities are off.  

Hi Adrian,Make sure to remember that when doing your financial analysis, include the real estate tax from the estimate you get from the Tax Authority on what your real estate taxes will be, in light of the purchase price.