Start with a fix and flip loan - this will include a percentage of the purchase price and usually 100% of the rehab.

In a situation where you were doing an arbitrage (renting it from the owner, then yourself re-renting it to someone else) your costs to renovate/fix it up while you're using it would be able to be capitalized and depreciated by you once your rental was in service (available for rent to others). 

It's a turnkey property I found on RentToRetirement, so It's pretty much already fixed up.

Investment Info:Single-family residence fix & flip investment.

Quote from @Jeffery Campbell: Investment Info:Single-family residence fix & flip investment.

@Helena Goyvaerts rate for a 30-year fix would be at least 8.5% with some points (1% of loan amount).Most DSR lenders have a minimum credit score requirement from the applicant.

I would fix up the garage and live in it myself (DADU) and rent out the house.

Here's my take on the decision:First, let’s look at the pros and cons of paying off your current short-term rental (STR):Paying Off Your STRPros:-You Eliminates your largest fixed expense (the mortgage), which increases your cash flow significantly.

-A water heater issue resulted in repeated mismanagement—confusing unit assignments—leading to extra costs to fix the same issue 3 times and on each occasion "more fixes" needed to the water heaters that I plumber said was needed.

The other PM can be a fix-mindset type of person where they are not willing to share anything unless you have a property and are willing to sign a PM agreement in the same conversation.