Unless something major is happening to revitalize the area (I don't believe there is) I don't think it's worth keeping.On top of that, class C/D areas should cashflow WAY more - there's much more inherent risk - so you need the extra cashflow to mitigate that risk (which is doesn't sound like you're getting)Also you have to tenant proof these areas - so my sinks and bathtubs all have grids installed where the drain is.

Explain how you plan to mitigate that particular risk, and if you can't satisfy the investor, then you shouldn't accept his money.

In many cases I think the financial upside with STRs can justify increased tenant-screening costs, and potentially even some revenue-sharing mechanisms with neighbors.In some areas, the government collects a tourism tax from guests, mitigating strain on local resources.

You can mitigate some issues by charging more and hiring someone to clean up after them. 

For me personally, as long as it's cash flowing a minimum amount, is in decent shape (i.e. won't have to invest money or time in it) and I can mitigate certain risks, I'll do the deal.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

It is not all bad, if you vet your tenants correctly, you will mitigate a lot of the risk that comes with this tenant pool.

By calculating the risk of damage associated with the pet in question, your monthly pet rent can be a great way to mitigate the amount of expense after the lease is over to make repairs (because the pet rent has been adding up to cover them).So, long story short. 

Others might be fine with taking risk, but least by doing this a person can get an idea of what might go wrong.e) Legal document analysis: it will usually take a few days to go through the legal document properly, as almost inevitably there are tons of gotchas that either have to be explained, or mitigated with a side letter.That is the very short summary of what I do.

A partnership could provide access to funding and knowledge-sharing while mitigating some of the risks associated with your limited experience.Hamlet