Based on what you've told us, I would sell it and take the immediate hit.

It's essential to recognize that all investments carry assumptions and risks, but informed decisions are based on historical data and trends.

Hi Tyler,If you are looking for a cash-out refinance, you would most likely be refinancing based on the ARV, not the costs.

I'd suggest starting by setting up a dedicated channel for your preferred mode of communication and letting your residents know about it.

2- If I employ a full-service property manager to handle tasks such as cleaning, maintenance, booking, and guest communication, while I focus on business aspects like property search, renovation, decoration, bookkeeping, and supply procurement, would this still qualify as material participation or could it pose a risk?

Their fees to do this is you pay them 3% of the ARV on the buy and 3% of the ARV on the sell to them (you have to let them represent you on the buy and sell but when you buy, their commission is still based on the ARV).This might be a great way to learn and make money at the same time. 

You may communicate with them via the forums or by sending them private messages.Attend Local gatherings: Find out whether Northeast Florida is hosting any events or gatherings for real estate investors.

If they deem it unaffordable, they will try to negotiate it down and if you aren't satisfied then you can start the process over with another tenant. the 2k they are currently covered for rent can be an old number and one the past owner never bothered raising, but I would assume you would have to do your own application to be a landlord and I am sure the numbers used would be based on current FMR and the tenants current income level.. then again my knowledge is based on S8 St Petes Flordia, and you should call s8 housing authority to get clear and best answers

They base their decision largely on "the deal" and your ability to execute the plan.

there is literally no way this would only cost 16-20k to fix LOL. wishful thinking. i would call this a full gut based on the pics and use $65/sqft for guts (even that is sometimes not enough but it's a place to start). so if this property is 1,000 square feet, we're looking at a $65,000 reno give or take. what did your contractor say it would cost?