-Interest-only payments, which help manage cash flow during the renovation.

Property management is also in place. 

You can explore bedroom rental also as opposed to the entire unit with 1 party but that is more complicated for management.

Keep systems in place for managing documents and contracts.6.

I selected Lewiston for the post as I didn't see an Augusta option, but I do work all over the state.It was my family's property management business that brought me to Maine and sparked my interest in and passion for helping investors achieve their goals. 

If a dishwasher is 15 years old and the tenant destroys it, you can't really charge them much because the appliance is beyond the life expectancy.To learn how to determine charges for cleaning and repairs, you can read my book in my signature, Brandon Turner's Managing Rental Properties, or NOLO's Every Landlord's Legal Guide.

I have hot tubs in the majority of my STR that I manage and always request my clients to get them.

Not impressed with other large institutional managers who are very light with boots on the ground and in many ways have the attidude they are assisting you in managing the property, not managing it for you.

You'll also want to make sure you look into a good property manager since they'll be your biggest help to stabilize and manage the day to day operations of owning property. 

5unit is probably manageable.  20 unit is work I would think.