Most direct answer, if you live in Tennessee and are buying a SFH, and are willing to personally come to California on vacation once a year (such as when the short term rental isn't occupied by others on vacation who are paying you for the privilege), 2nd homes can be acquired at 90% LTV.Checklist here: https://selling-guide.fanniema...But, for a traditional long term rental, if that is your intent in your heart of hearts when you sit across from the notary who will take your fingerprints, no there are not.

Windows--repair, replacement, etc--are on me. lol.I'm going to nag about replacing those dead trees in fall and I'm also going to see when we have it in the budget to refurbish the basketball court a little bit, and talk to the investors and see if they want to light it since right now, tenants have commandeered a light meant for illuminating the entry sign to shine onto the basketball court, and it's well located such that people playing after dark won't disturb people in the units.....

Kitchen will likely be $15k, if all new is needed, roof if often $6k plus, HVAC another $6k, and add some bathrooms, paint, lighting, etc and you have likely blown through the equity upside in rehab costs.  

There is a give and take with this.You could consider putting it in a high-yield savings account that offers a higher interest rate than traditional savings.

This is definitely possible, and if you are handy or have those leanings already I think you'll find it a tall, but potentially rewarding, task.Paint and swapping out light fixtures are among the highest return-on-time-and-hassle things you may consider DIYing. 

Hi @Sarah Cowns, I can't speak to the accuracy of your rehab numbers, loan interest rate, etc BUT I will mention that $200 for lender fees sounds really light. 

Although the rates are little higher and you’ll have to pay usually 1-3 points they close extremely quicker than a traditional bank so that helps when making offers on properties.

Since the $41k isn't enough to buy a BTR, I considered buying the land with the SDIRA, but then I see issues with getting a loan, traditional, or otherwise, after the construction. 

I replaced the toilets, vanities, medicine cabinets, vanity light in the bathroom.

Strategy: I am a fan of the BRRR strategy and looking for 2-4 units in B-C neighborhoods (thanks to James Wise Cleveland grading guide) where I can do some light rehab and refinance after 3 months.