Colorado mountain sellers try to tell you all the time "it's been a great short-term rental" all the time, but the numbers don't lie.

If you don't have the money now, can you stage it over time?

We are full.  

Quickbooks or another full suite accounting solutions would be a better choice for that type of workflow.

This is a great way to start and I would recommend this to most first time investors. 

If you can close on the Wheeler one and get it all themed out in the next month or so (a tall task) you can probably do ~$90k revenue in 3 months.Byars house rates are pretty low after that so if you miss out on that, probably not worth it. 

We invest in areas that without knowing the areas you can be in a war zone or a great area in the matter of a dozen blocks - investing remotely will never get you that intel.Another pitfall is the reno budget (under estimate), the time line and carrying costs (under estimate) and the ARV (usually over inflated). 

You asked when is the best time to do that.Opinions vary on this, but; personally, I like putting the property into an LLC at the beginning as it makes you less of a personal legal target if someone did an asset search and if something should happen at the property.

Full remodel.

Homes in our area move very quickly and this one will likely be contingent by the time we close on the DSCR.