I was informed of high water bills on April 1 and had the problem fixed across April 7-8.

Hi Folks, evaluating some Out of state STR options, some markets have primary residence requirements.

I'd talk to the building inspector and get an idea of all of the work that is required to get it to code. 

You will also have more lenient DSCR requirements and it will be easier to cash flow quicker.And with Sec8, you see usually higher and stabilized rents than you might otherwise.

If they put up half of the required cash to do the deal it would be a different conversation where their profit at the end would be justifiably higher. 

If any of the "Big Five" systems (HVAC, plumbing, roof, electrical, water heater) haven't been updated recently, they still should be budgeted, even if you expense them later.Also, if you're primarily buying for cash flow, then this seems like a whole lot of work for just 7.75% CoCR!

If it was a less damaging issue I might wait it out, but water, fire and 'safety' (CO detector etc) and it would be on my schedule not theirs.

The low risk requirement eliminated lots of investment types like trading crypto, venture capital, ultra high leverage real estate deals - except for maybe a very small percentage of my investable assets.Since I’ve already accomplished tax minimization by managing to hold the majority of my assets in a retirement plan and paid the taxes to turn that plan into a Roth, number 4 is not a concern.I do invest for current income as second place to wealth preservation, and increase wealth as third place.

The last pic is a brand new custom kitchen, some assembly required.

I wouldn't care about the cash-flow past keeping my head above water until I can liquidate gains to leverage down what I hold.