-$1,000 a month is painful.

They have 1yr afta receipt of the notice, or the Administrative Redemption period which is longer to redeem”!!!

I’m looking to spend between $150-225k and don’t want renters that are going to be a huge pain!

What a pain, but you've got to have them in the STR game.  

But before you prescribe a solution, you first need to listen carefully to understand your seller's pain and motivation.You can't expect to hit a target that you can't see!

Least efficient, like biggest pains in the butt but good reward in an area with stiff competition? 

Cash flowing deals in can be harder to find in Billings than in some of the Midwest markets I hear about, but Billings has been a stable market for a long time.Like @Mike Ormsby said, getting good contractors here is a pain.

Notwithstanding any other provision to the contrary, the administrative fine for a violation of Sec 193.08 shall be the sum of the applicable amount of Relocation Assistance.

In reality its 8-12% for management 50-100% of the first month for leasing. 10% of construction administration if your place needs a ton of maintenance.

And with the Covid situation (hopefully this type of scenario doesn’t happen again though we are far from being out of the woods yet) and the worry about paid rent, it was nice to know that at least some portion of your rent would definitely be coming in.2) The Section 8 annual (or now possibly every 2 years depending on your county) can be a bit of a pain with the amount of “violations” that are on there and the way they affect your cashflow but they are probably for the better.3) While I’m going to leave F-class properties alone from now on, I’m sure others can make it work.