Typical renovations include:Cosmetic Updates: Painting, flooring, kitchen and bathroom upgrades, and landscaping.Structural Repairs: Fixing any underlying issues such as foundation repairs, plumbing, or electrical updates.Efficiency Improvements: Adding energy-efficient windows, new HVAC systems, and better insulation to increase the property's overall value.The goal of the rehab phase is to increase the property’s market value while making it an attractive place for tenants.

small portion" of profit is not worth the possible legal issues.

As an example, we decided to replace the windows in a house we were renovating and ended up costing us $50,000 extra because we got into issues with permitting and suddenly found ourselves having to hire an architect, speciality contractors, etc.  

A deal killer has no emotions.

It is what is left after snow removal, cutting the grass, utilities, tenant issues, parking lot issues, property taxes, mortgage payment, etc. that make a difference.

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

I just learned that builders risk and liability insurance coverage can cease once a CO is issued for a new build.

Most STR markets have seasonality, and there are untold issues in the future that will effect cashflow. 

My manger does this all the time.He has an inspection done to verify all the maintenance issue and has someone video the property to verify all the marketing issues.

There are several other issues (undisclosed maintenance markup fees, excessive charges to our account, significant reductions to agreed rent without communication, etc).