Alternatively, invest in buy and hold rental properties to generate ongoing rental income and potential appreciation.

Also vacations is a big part I’m planning on going to Siargao so another reason I invest that monthly cash flow really helps.

One company that selected the property, oversaw the renovation and is responsible for the on-going management.  

You should not only consider the cost to build but also the ongoing monthly outlay.

Be as detailed and specific as possible when mentioning your future plans, current operation/experience level, ongoing projects, etc.

Just more ongoing benefit than what you originally paid for. 

You would have ongoing filing requirements with the State and would need to keep business records and documentation.You also want to look at whether a pass-through entity helps your bottom line and your taxes.

Your best bet, in my opinion, is to work with a REI accountant who provides bookkeeping services in-house - either an actual day-to-day bookkeeping or an ongoing review of your books.

Do you expect your tenant's to keep the place clean and sanitary on an ongoing basis, or do you just wait until they move out and deal with it then?

Or you can call the County PA's office, or the insurance company that you will surely have an ongoing relationship with.I have made offers on both sink hole properties and on properties in flood zones.