It was an as-is purchase and we did estimate a certain level of rehab when analyzing the deal.

However, in many markets the cost for properties have risen to the level where the numbers just do not work if you are picking them up at market value. 

But a true income statement will also have "below the Line" items like depreciation, debt service/interest expense, maybe partnership level fees, etc that are not driven by the property operations.  

I am a moderate risk taker and I want to level up my investing by using leverage.

There is no level of threat you could leverage to win, as they simply have little to no liability, especially if they are simply enforcing visible permit violations.

There are a lot of management companies here and they do a good job, but you have to pay for that level of service. 

This article will address six important tips that will help you invest wisely.1.DETERMINE IF YOU HAVE THE FINANCIAL MEANS TO INVEST IN RENTAL PROPERTIES2.CONSIDER YOUR GEOGRAPHIC LOCATION AND DESIRED LEVEL OF RISK3.RESEARCH DIFFERENT MARKETS FOR POTENTIAL INVESTMENT OPPORTUNITIES4.GET FINANCING FROM A REPUTABLE LENDER WHO SPECIALIZES IN SINGLE-FAMILY RENTALS 5.FAMILIARIZE YOURSELF WITH THE PROPERTY MANAGEMENT COMPANY THAT YOU ARE GOING TO HIRE6.

Hey @Thomas J Mele,  maybe PM me with more details... and @Amy Turnbull, we have a small but great group of folks at every level that try to meet up once a month. 

I expect a relatively modest uptick in foreclosures, then settling back to pre-covid levels. 

Also, you can find local vacation rental companies in just about any good STR market who should have the ability to give you market level data.