The deals I'm seeing that work are twofold...basically a house flip into STR. 

Johnson county requires 1 acre minimum for with 150 ft minimum width for house outside the city limit which limits the number of houses I can build on the acreage I own.

The are basically flipping contracts that they assign using a dual closing model. 

The arbitrager basically has a job as a STR/MTR PM with a bit more upside, but tons more risk.In addition as an owner of properties, I have never understood why someone would choose a low capitalized arbitrager over a licensed, insured, professional PM or an unlicensed co-host where the owner gets the upside.I recognize it is a challenging time to be an RE investor, but I really believe arbitrage is not a worthwhile pursuit.    

@Alex Paz If your rental’s paid off, you basically have two ways to pull some cash: cash-out refi or a HELOC/line of credit.Cash-out refi:You get a big lump sum upfront.But it’ll raise your monthly mortgage, which could hurt your cash flow.HELOC / line of credit:Borrow only what you need, keep monthly payments lower.Rates can be higher and sometimes variable, but it’s way more flexible.If your tenants eventually buy, a HELOC can be nice because you don’t get stuck with a big mortgage if the sale happens.Honestly, if you want to keep your cash flow solid while funding other deals, a HELOC is usually safer.

It's basically taking over the seller's financing, legally.

That way, you’re not chasing down partial payments if someone leaves early.It’s a good idea to take photos of the unit before move-in and do a basic inventory list, especially with it being furnished.For utilities, you might want to include a cap in the lease.

For scenario modeling, check out: • BiggerPockets calculators (great for BRRR & flip analysis) • DealCheck (fast for running multiple exit strategies side by side) • Or even a basic Excel/Google Sheet so you can customize your assumptions. 

I've been trying to purchase my first investment property, but I keep stumbling upon fully renovated homes, dated, basic ones, and some not-so-great ones.

Interior door replacement is a simple job for anyone with even basic handyman skills.