If you intend to have it managed after purchasing, reach out to a couple STR property managers and have them offer their perspective on what's worth fixing, what amenities you need, and how much they would rent it for.

The risk you run with this model though is you would risk being over leveraged since your using 100% debt, and you would need the property to have a high cashflow amount each month to cover Capex, insurance, debt service, and your normal expenses associated with the property (property management included).

After the owner paid for the license application, I worked with the county to get the STR license approved under the owner's name with me as the manager.

If so I'll make sure to start pressing him for leads.I do not have a title company, construction, or property management partners yet.I feel like a mentor would make sense, but I'm not sure if a paid mentorship is the best bet or simply trying to network with RE professionals in the area.

In the long term there is LESS unknowns in the new construction, but the entitlement and aquisition is a bit more tricky.Just curious how come you had to fix water heaters and leaks if you have a property management business or in it?

For instance, if I manage to raise private capital to fund a deal and purchase a successful rental property, how would this actually benefit ME when I have no skin in the game (i.e. money of my own invested)?

A property manager has told me I can get 8-12k a month for my in law apartment so that sounds pretty good to me and I can build funds.

Accounting packages such as QBO and others specific to property management are good, but they can also be like killing a housefly with a sledgehammer.

Pros:- Everything is all in one place- Easier to manage, less hassle (likely)- More predictable - Easier paperwork Cons: - Less liquid (have to sell all or none) - All eggs in one basket Just off the cuff, those are my initial thoughts. 

Work with local real estate agents and managers for valuable insights and support.Good luck!