This was the safest option for me to get started because I learned how to screen and place tenants, write leases, manage maintenance requests, and analyze my rental cash flow while living for free.I think if I started by jumping into a rehab on my first deal, I could have either been taken advantage of, or taken too much risk that would have slowed down my progress long-term.

But here are some key points that I would like to add:The builder will handle dealing with the property managerBuilder will verify tenant screenings Builder will choose all paint and finish choices on property (Because I have a vested interest in the property, I would like to go with my proven strategy on colors and finish selections. 

Just get down to McDonalds and buy a big bag of McRibs (at least 10 of them), then go home, set your big-screen TV on some quality programming to expand your mind -- like QVC 3,  pound down those McRibs as quickly as possible, and sit there on your sofa for the rest of the day.The answers will come to you.

You can always take the hard line approach but sometimes it leads to an unnecessary turnover which will lower your ROI. 

For the next set of residents just up your screening criteria. 

You bought it for a reason and I’m guessing that summer is your peak season, so get it active and screen your guests as you typically would and let the bookings begin.

You'll learn much faster by speaking with actual investors, listening to their stories, and getting answers to your questions.Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area.

Always Screen Incoming Tenants!

I often break it down into the "five pillars" of protecting your assets.1st pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.2nd pillar is a good insurance policy as that cover the majority of your exposure.

Anytime I have a vacancy, once I put the place on the market, typically it is rented to a vetted, screened, and approved tenant within 3 days.