The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

If you’re not able to, then it may be better to sell the condo, take the profit (if you have some equity in the condo) and put it into a multi-unit to househack again.

It was built using the profits from a new home build I completed in Georgia, so there has never been a mortgage on it.

@Matthew Cook I would NOT pay for the renovations unless I was on title or had a very formal contract written about the split of profits.

A good landlord understands that vacancies & Rent-Ready costs will destroy your cashflow and profits.

Flipping outside your zone can be profitable too, just gotta make sure the numbers work.

They would offer a more hands free approach, but eat up the profit in return.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.