The RE company I work for in Myrtle Beach, SC has lost over HALF their inventory of rental properties as a result of the '09 crash and resulting shock waves.  

Path to progress...areas undergoing gentrification or where the city planners are focusing growth.  

I currently own a 3 unit multifamily home and undergoing a complete reorganization; new leases, new tennant application process and paperwork, and rehabbing.

But it would be nice to have several options to choose from.I will be getting a builder's risk policy for the first two months while the property undergoes some rehab.

Even better, the houses are in areas that are undergoing gentrification, so that equity is going to grow rapidly over the next five years.I'm in the process of refinancing two of the properties to pull out equity, and I'm in the preliminary stages of also working out a conventional loan for a slightly more expensive property that I haven't identified yet. 

Have a system (CRM) to stay in constant contact with potential buyers, even those undergoing credit repair that might take 2 years.

Second, some loans will allow you to make partial payments on the loan while you're undergoing renovations.

We will actually be living in the property for a few years with the goal to eventually move and keep it as a rental.The market is very hot right now, and the area we are buying is selling like crazy because the whole area is undergoing a ton of redevelopment and growth.  

My husband and I just purchased a triplex in Long Beach; the cheapest coastal real estate you can buy and the downtown area is undergoing major renovations.

Ask your potential property manager for a full breakdown of their fees.Maintenance: Even though most turnkey properties undergo a full rehab before you buy them, you will have maintenance and repair expenses as your rent it out.