I’ve read some not great things about crime in Cleveland, but I imagine knowing an agent in the area would provide knowledge as to safer neighborhoods to invest in.

Providing funds outside of a transaction that would effect the LTV given by an insured lender could lead to mortgage fraud, money laundering and wire fraud as funds are disbursed.

There are several turnkey providers in town who can handle the process for you from top to bottom but you will give up some of the equity for the ease/reduced risk of the transaction.

You are obligated to provide the oldest verifiable operating statement (base year), which is adjusted into today's dollars (Using an LA City formula for inflation) and this is compared to your current year (yes with receipts, cancelled checks, bank statements, k1's etc), which can be significant. 

If you provide a scope of what you are demo-ing, you may have better luck with someone's experience to comment here, but costs can vary regionally, so a local contractor would give you the best actual estimate. 

They can provide you with some great insight about investing in that market.Staci

Time would be the biggest variable.Assuming the same repeatable services will have to be provided for STR & MTR, that are not provided for LTR, the costs may not be that different.Taking care of lawns, monitoring & paying utilities, taking calls, etc.Some services will be the same, but vary in frequency: cleanings, resupplying amenities, responding to inquiries, bookings, granting access, etc.

I believe NY is the poster child...they've decided LL can bear the cost more easily and therefore will most likely prevent the spread if the tenant can simply tell the LL they need it eradicated.

There was a lot of little tracts of west Texas desert land that used to be added to deed swaps to make the valuations work out back in the day.The reason for a 1031 in this situation is that it provides crystal clear direction and documentation. 

I would recommend obtaining a purchase/renovation loan, which would provide you with the funds to purchase the property and pay for the renovations.