Creative financing, partnerships, or shifting to long-term appreciation rather than strict cash flow might also help in this market.

This is a great place to learn and to connect with people so take advantage of all the great resources.

I’d love to hear from those with more experience to see if my observations align with yours and if there are tips for managing costs or maximizing the benefits of mid-term rentals. 

Quote from @Sandra Ho: Thank you everyone for your comments!

If not, cut your losses, sell the home and learn from your first investment. 

Also curious about this area--do either of you now own in Murphy?

Quote from @Whitney Bivins: Yes, I would consider selling it.

Sarah Albert so sorry this happened to you.

Anyone have any kind of experience in this area?

If you are looking at properties in need of renovation, they want you to know your costs up front and many will be as-is purchases with the expectation that you aren't requesting repairs and your costs are confirmed.Depending on your state, but likely in all states, you have an inspection contingency in the contract, but what you will learn is that you will be competing against seasoned investors and contractors who know their numbers and houses so make better as-is offers.