We have some short term rentals and management that we are scaling in the area.

He has the audacity to go on a month long European vacation and laughing all the way to the bank from the yield of our labor.

Hi Robin,I do a fair bit of business as a lender in South Carolina; a lot of short-term rental investors tend to focus on the Charleston & Myrtle Beach areas, but if you are looking for properties that are still reasonably priced and don't mind some renovations, Columbia can be a great choice 

Having a list of the problems made by an expert might make it a little bit easier to make the decision do you want to tear it down or do you want to make it a labor of love and restore it like Grandma had it - maybe with an air conditioning system in it and Hardiboard on the outside, and new windows et cetera...

The same amount invested in the securities market stays fully deployed for the entire term - in other words, all $12k of the principal (the basis) is at work for the entire 5 years.

If you can check these boxes off you would be able to start buying long term rentals with having owned zero real-estate prior to the first transaction. 

It's hard to give up $7k/m in cash flow, that is just great income, but long term, having appreciation is very important too. 

@Christopher Lynch  NH has some amazing area's for Short Term Rentals.

And the more motivated the seller is, the more willing the seller will negotiate terms and price. 

Meaning they buy the materials and provide the labor and then make a receipt showing the total.