In most places you can only do work requiring a building permit if it is your primary residence or unless you are a licensed and insured contractor. 

While some of the places I've bought are not recently renovated, I have bought homes that require no renos and have been happy with them.

There are low cost markets and the tradeoff is they require time to travel to and manage.

This requires either a lot of data or small parameter spaces.

Relevant info: they were a little difficult with any contractors not allowing entry or requiring specific scheduling beyond my several day notice.

If there are any foreign entities involved, there are very strict reporting requirements on reporting said foreign entities.

@Presley Becker visit city Building & Assessing Departments to see if any open permits or tickets, or recent history.What are city requirements regarding inspections and registrations?

There are a lot of details that can be worked into this contract, and I wouldn't recommend going into an agreement without first talking to your real estate agent or a real estate lawyer.

If you're providing an "up-scale" environment and hope to attract more guests of this calibre (I do; they don't quibble about higher nightly rates and rarely cause problems) then I recommend white duvet covers and wash them after each guest.  

In that case, they may require the loan to be paid in full within 30 days.Insurance Requirements: You will need to obtain a new insurance policy naming you or your company as the insured on the policy.Credit Risk: If you don’t make payments on time, you can hurt the seller’s credit, and risk foreclosure.Buying subject to carries risks for homebuyers and may expose sellers to liability.