The people who do best with it are the ones who set very clear expectations upfront and protect common areas like it is their job. 

A few questions I’d love feedback on:Are there common traits among sponsors who lost investor money?

If they’re experienced in foreclosure lending, they should know it’s common not to inspect the interior.

Common sense would say that's also super cheap money right now. 

Opportunity is common if you can create the foundation.

A few questions about the expenses:Cleaning & Maint: 3.1%Legal and Common Area: 1%Repairs: 2.8%Supplies: 1.0%Utilities: 16.6%Capex (appliances): 0.8%These expenses are very favorable, but also quite low for a 10-unit coastal STR.

Renovations, such as upgrading common areas, adding amenities, and improving unit interiors, can be costly, so it's crucial to determine the expenses before acquiring the property.Seeking the help of a construction professional is recommended to create a comprehensive budget that includes hard costs (materials, labor), soft costs (architectural and engineering fees), and contingencies for unexpected expenses.

Overruns are common, especially if you’re new to managing contractors or doing the work yourself.Ask yourself: is your time best spent on labor, or on finding the next deal?

Since both units are on month-to-month leases, you actually have plenty of flexibility because the seller (or you after closing) only needs to give 30-day written notice to one of the tenants.In my market here in Idaho, it’s very common for sellers to leave the tenants in place and let the buyer handle the notice.

They're not buying turnkey; they're hunting for distressed properties.It's that "BRRRR" method (Buy, Rehab, Rent, Refinance, Repeat) that seems to be the most common path to creating value right now.