18% is pretty arbitrary without knowing the actual cost of the policy and therefore savings vs. potential repair costs.  

@David CozziYou may be able to do that.However, you have to consider the drawbacks of your stategy.You are converting a potential scenario where you have passive losses with no active income to passive losses with active income.

The involvement of onsite management, often seen as a potential red flag, can lead to the property failing crucial qualification tests.

Look for areas with strong demand, potential for growth, and where you can comfortably invest.

This knowledge is essential Assuming you source a good deal (with multiple potential exit strategies), I would then bring in a capital partner to fund the down payment or Property acquisition…and get some sort of sweat equity (depending on your experience and value brought to table) and then invest the $10,000 you do have into the deal itself to add your stake, add some skin to the game and align your interest with your capital partner.

It'd be great to not only share knowledge and experience with others here, but potentially find a business partner and pool resources.

So let me know if you need a boots-on-the-ground view.It's an interesting area around here, I think it has not realized it's full potential.

The new Dallas rules have been challenged, but even if lifted, you know where the city hall sentiment is....so I expect them to potentially make things difficult on STR operators. 

I just stumbled upon a property that looks like a potential amazing investment but needs A LOT of work.

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.