It is still advisable to see what is on the local market and see what is selling as you develop your plan to renovate a property. 

Let me know if you are interested in out-of-state investing in the Memphis, TN market!

You paid the market price and own the liability.

Every market is different, but for the long term assumptions.

How ‘hot’ is the market?

Then also decide whether you want to chase down loans to find and originate or buy loans on secondary market from others.

Let’s say you own a land lot worth in the market only $20k, but because land prices are all over the board, you have a legit appraisal at $50k.  

I've noticed in my area that houses that have been converted into 2 units tend to sit on the market for much longer and sell for much less than traditional single family houses with similar sqft and finishes.

With the season in Sarasota County considered November - April, what is the best way to market the property as a Medium Term Rental (at least 30 days)? 

Most deals are found off-market or in significant value add situations that require upfront capital.