Plus, professional management companies often have tools and strategies to maximize occupancy and revenue, which can offset their fees.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

One key takeaway for future projects is the value of hiring professional painters.

Many “wholesalers” get all excited when getting a property under contract only to discover that a thorough inspection by a knowledgable professional results in repair costs 2 - 3 times higher than they calculated. 

Readers should seek professional advice. 

Here is a newly created resource on BiggerPockets, which touches out cost segregation, accelerated depreciation, bonus depreciation, depreciation recapture, Real Estate Professional Status (REPS), STR Loophole / STR Strategy, example properties, and more. 

@Daniel MadhavapallilYou should hire a tax professional. 

When I spoke with a real estate professional, she said the home would probably sell for around $250k in its current condition.

One key takeaway for future projects is the value of hiring professional painters.

As far as your primary residence, if you have lived in it 2 out of the last 5 years, you should not have to pay taxes on capital gains (difference between what you paid for it & what you sold it for) up to $250,000 if you file your taxes as an individual and $500,000 if you file jointly with a spouse.Just a disclaimer, I am not a tax professional.