My plan is to hold onto it as a rental property, targeting Section 8 tenants, as the rental income is quite attractive at nearly $1,500 per month.Here's the challenge: The property's purchase price and labor is below $40,000, and I'm uncertain about my ability to secure a traditional mortgage for a property at this price point.

Thanks.just a side note, the tenant has requested first month free rental, windows coverings (not satisfied with the new blinds being provided), and free utilities for 5 days.

This trend suggests a growing rental market as more people are unable to afford buying homes under current economic conditions.while the housing market may face challenges, the rental market will likely expand as an alternative for those priced out of buying homes.

Don't know where your rental property is, but in Florida, we have a statute that deals with death of last remaining tenant and the procedures to follow to allow the landlord to take possession of the property and dispose of the tenants personal property.

Also look on Loopnet for any similar type rentals, sq ft, NNN, lease terms, $ sq ft, etc. 

Do people put exercise equipment like treadmill or stationary bike in their mid term rentals?

Quote from @Chidvi Pemula: I avoid smart devices, particularly on short-term rentals.

If under 1M net worth, focus on buying rentals nearby. 

The IMN Single Family Rental East and West conferences are always great opportunities to meet with the most active residential rental experts in the country.

Turnkey rentals on the mainland don't hit 1% RV anymore so might as well bleed cf in Hawaii.