full transparency, my partner and I got ourselves into trouble last year forgetting to file our local taxes in our new mucipality as we did not realize local taxes needed to be filed as well. we ended up hiring a tax accountant at the very last minute to help (after receiving mailed noticed) and went through all of this trouble for a measly $20 return. at least we got something for it, I suppose. 

@AJ Wong my prior STR experience was with a home that rented well, but was getting to the point where major upgrades/renovations were going to be needed in the near future to keep it in the “mid luxury” market.

Purchase price: $45,000 Cash invested: $12,000 Sale price: $124,000 Old single family home I flipped with some structural repairs, sanding and refinishing original hardwoods, new kitchen, light bathroom update, paint inside and out, and other cosmetic touches

What made you remove all the drywall as well?

The area should appreciate over the next few years as well.

I would just hire a guy to remove the popcorn ceiling - they might be able to weigh in as well as give you a quote. 

I can look to see if there are bars on windows, graffiti everywhere, how well people care for their lawns, etc.

Gutted the home and updated all appliances, hardwood floors, paint etc.

If well coordinated, at a minimum that provides 30-90 days without being responsible for the mortgage payment.Investors exploring this strategy will want to emphasize efficiency and be sensitive to PPP (Pre Payment Penalties.)

We freshened up the interior with new paint, and a few new trim items, but mostly it was well landscaped and well cared for prior to our assuming the loan on it.