A $1M ARV would have to produce a minimum $100k to $120k.

In my shoes I would want the stability of the cash flow and look to leverage as a long term rental through a PM.Some folks want to cash out and reinvest the new found equity in a higher producing asset. 

We manage 7 STR properties and just bought 2 single family homes and a tiny home.

You need to understand how to evaluate a property and the kind of return it will produce, then evaluate properties until you find one that works.2.

Once you find a house that you believe would be a good rental, meaning desirable to your target market of customers (people within a couple of mile radius of the place), and all of the costs of monthly ownership that you can accurately project fall below the rental amounts that you project that you can get from your target customers, then you have a possible business asset that you can use to produce income, and have renters pay down the mortgage, while hopefully it goes up in value at least with the rest of the economy. 

We’ve looked at some of the figures, but we can’t find an easy way for this property to produce positive cash flow.We’ve mentioned our interest to our landlord.

U have a few top producers then you have the rest..

So if you’re considering working with Paul McGraw and his team he really will not take everyone so it will take work to get into the program, but if you get in your tiny investment will save you tens of thousands.

I just wasn't sure how the CSA and accelerated depreciation would be impacted should I convert it to a personal residence 2 years after the rebuild.Sharing this clarification up front would have produced better targeted responses.When you convert a rental property to a residence, nothing happens tax-wise.

It's all great advice above, but I wanted to add a recommendation that I don't see as often: don't go cheap on your washer and dryer.Nobody wants to work 12+ hours and then go home and fight a tiny washer and a slow dryer.