Here is a short story / background: I own an owner-occupied Duplex Rental Property.

Ideally they're interested in a small turn key opportunity that would allow them to operate a short term rental business while also utilizing the space personally for vacation - great idea right?!

I am not looking for short term tenants with low salaries.Another thing to keep in mind is the tax implications of selling your rental property.

Sweat equity can go a long way when funds are short.

That's my long-term goal, my short-term goal is to acquire 3 properties in the next 2 years, 2 single family houses, and 1 multi-family property. 

So you could start out that way and then maybe not need one.Or you could short sale it, etc.Rehab would be the last ditch effort I would ever consider.Location, condition, etc are all known before you ever buy, so it not like you HAVE to buy it or will get stuck with it.Do your DD, REAL DD, not this electronic nonsense and youll probably be okAnd on $5k, a 15% return is only $750...

I’ll PM you shortly. 

But long story short - make sure you have the cash or access to cash to fund the unexpected.  

The home was abandoned and they tried to short sale several times before.

The short answer is no, flipping is not dead.