Potentially buying the property 5% or more above actual value.

Every state is a littkle different, but basically the key difference lies in the level of protection offered to the buyer regarding the title and any potential claims against the property.

Compare potential rents to your monthly all-in.

In the midterm space most guests do not want to put utilities in their name for relatively short stays, particularly if the utility requires a credit check or substantial deposit so if you don't offer paid utilities it will cut down on your pool of potential renters.

What are the primary benefits and potential risks associated with this approach?

It's an easier market to break into compared to CA and has a ton of potential for growth.  

Let's break things down, hopefully, I am understanding everything correctly...Exit Strategy 1: Full Rehab and Rent IncreasePros:Higher ARV (After Repair Value): This strategy could potentially increase the property's value to $126,000, allowing for a higher cash-out refinance amount.Higher Rent: After the completion of the Scope of Work (SOW), the rent could be raised to $1,000, generating more monthly revenue.Long-Term Value: Completing a full rehab could increase the property's long-term value and appeal, making it more competitive in the market.Cons:Higher Initial Investment: The SOW budget is significantly higher at $15,750, requiring more cash upfront.Vacancy Risk: Asking the current renters to vacate for the rehab introduces the risk of vacancy and lost rental income during the renovation period.Longer Timeline: The rehab process and finding new tenants could extend the timeline before the property starts generating its anticipated cash flow.Exit Strategy 2: Minimal Repairs and Keeping Current RentersPros:Lower Initial Investment: With a SOW budget of just $2,500, this strategy requires less cash upfront.Quicker Turnaround: Completing minimal repairs and keeping the current tenants can significantly shorten the timeline to start generating cash flow.Reduced Vacancy Risk: By allowing the current tenants to stay, the property continues to generate income, avoiding the risks associated with vacancy.Cons:Lower ARV: This strategy results in a lower ARV of $110,000, which affects the cash-out refinance amount.Lower Rent Increase: The rent increase to $900 is less than what could be achieved with a full rehab.Future Repair Costs: Minimal repairs might not address all the property's needs, potentially leading to higher maintenance costs down the line.Financial Analysis:Cash Flow Considerations: Both strategies provide positive cash flow before reserves, with Strategy 1 generating $160 and Strategy 2 generating $148 monthly.

For individuals navigating the demands of a w2 job and grappling with substantial tax obligations, exploring the potential of short-term rentals unveils a compelling avenue to mitigate tax burdens.

They are getting what they really want, and you are crafting the deal to where it will still make sense for you.One potential issue is if what is most important to them is most important to you as well.

After exhausting attempts to resolve the matter amicably, it has become apparent that I need legal assistance to navigate the eviction process.I'm looking to potentially retain any law services or eviction representation.