Targets smaller properties ($300K–$450K 10% down remaining for new furniture, sauna, fence, firepit, backyard ammenties, etc.) with room for value-add improvements.6.

Any advice is much appreciated.Your Mistake: "I just bought a 3 family house in Union City NJ and there's a tenant without lease, pays on time, has lived there for over 10 years"You handle that before closing.Well, the old tried and true way is to move in, move all of their belongings to the smallest bedroom, furniture and all, double the rent, and party all might.

You can take up to 6 and in my area finance up to ~1M vs 800k on FHA.I also pivoted strategies (one of the benefits of some breathing time between deals) I was about to LTR the basement (a 1:1 that would generate 1100-1200) but I added some nice furniture (bought from hotel liquidation I also watch a ton of HGTV, and I'm artsy) and at 90% occupancy started generating 2K a month because the mid term market is undervalued here and I'm close to major hospitals.

If you are investing out of state you will need to pay a STR management company who's rates are going to start at 20%, which does not include furniture design, installs, shipping, set up, etc... the labor alone on setting the STR up will bleed you dry.I don't know what a little capital means to you, money is relative after all, but to me I would suggest house hacking is a far better strategy.  

.-- Furnish it with quality, design-forward furniture (like @Collin Hays said)-- Add one or two killer amenities (hot tub or sauna always do well in Denver, Colorado Springs and the mountains here.)-- Pay a high-end real-estate photographer to shoot a mix of photos from full-daylight and sunset.Good luck!!

Lowes seems to be having a big summer sale on appliances, but I typically check Menards and Nebraska Furniture Mart first as they frequently run better prices.

Plus trying to figure out and/or deal w/ damage on furniture is a nightmare.

Quote from @Luke Carl: It’s really just a long term with furniture isn’t it?  

There's a reasonably good chance they've never operated anything, that they read about STR arbitrage on BP or from a Guru and you are being snowed by an amateur that won't know how to do anything and will leave you with uncollected rent and a mess of second hand furniture and other trash you'll have to pay to haul away. 

We get most of our couches from Rooms to Go or Ashley Furniture and in 4 years of MTR management, I have never had to replace a couch yet.