That is over 2/3rds the average long term return on the stock market with absolutely zero risk.  

Full disclosure: I have not gone this route personally, and this is definitely a high-risk scenario. 

Hey Tonatiu, I would start with something either turnkey or light value-add, so you can start forming your boots on the ground team with less pressure and risk.

Potentially worth a look if you’re struggling to find property in the Oneonta area

Hi Christopher, I'm a realtor in the area and I thought I'd run some numbers for you just to get a better picture of the risk/reward of a LTR vs STR.Currently netting $250 a month on the LTRIf you rented it as a STR on a nightly basis for $135 with an expected estimated vacancy of 56% (average for the area) that's a gross income of $21,681 less your mortgage $17,400 and less expenses such as water electric and internet of an estimated $4200 puts your annual net at $81.To make the STR profitable for the additional work you'd have to rent it for more than $135 a night and for more nights than the Nashville average of 44% occupancy. 

Good morning, @Edna WhiteIt looks like you have already found a potential deal and identified a potential tactic (subject to) to make the deal work, well done so far!

I'm thinking that Environmental be added as an endorsement under our general liability insurance might be a better way to mitigate risk?

If you want to talk to potential sellers every day your best bet is prospecting.

You can self-manage but there is a high potential that you will be living in an uncomfortable environment when things get tough.

Evaluate the potential impact of the market on the property's performance, as well as its overall financial health.