I would get at least 3 quotes for the work to be completed and have a solid scope for expectations (quality of finishes, timing, etc) to ensure realistic numbers and check references.

Also open to tips on how to figure out if a location is a good fit and how to run the numbers properly.

You MUST have a correct STR policy specific to short term rentals.Check out Proper (expensive), CBIZ and Foremost (very popular here) to get some quotes. 

This thread is a bit old but the DIY/automated online options have evolved since, with some new players (including SegWize) entering the market...as well as some tech-enabled but still fully-engineered options like Segtax.I think the expansion of DIY options and the benefits of cost seg is great for investors of smaller properties, but I would highly suggest speaking with a tax advisor/CPA first to put together a plan and ensure you can actually use the additional depreciation first!

I’ll keep that in mind as I work through setting up the proper channels and foundation of this new venture. 

I want to ensure this is done in a way that complies with California law, avoids triggering partnership tax treatment, and doesn’t lead the IRS or courts to recharacterize the arrangement as equity.

They’re not in a financial position to keep the home and are worried about it going into foreclosure.I’m potentially interested in buying the property, but I want to approach the situation carefully and respectfully.What’s the proper process for buying a home in this kind of situation (no will, possible probate involved)?

That background helps me not only find properties but also evaluate them with a strong financial lens to ensure the numbers make sense.Beyond real estate, I’m passionate about fitness, traveling, and (even through the ups and downs) cheering on the Dallas Cowboys 🏈.I joined BiggerPockets to connect with like-minded investors, learn from others’ experiences, and create partnerships that can help build wealth through Houston’s thriving real estate market.Looking forward to networking with you all — feel free to reach out if you’re interested in Houston fix & flip or rental opportunities! 

Hard Money Lenders generally follow cookie cutter guidelines to ensure repayment of the loan.

A few key things I’ve learned that can really impact the numbers are:- Understanding local market demand and regulations, since that affects occupancy and stability-Factoring in costs for proper management and resident support services, those keep the home running smoothly and reduce turnover-Being realistic about timelines for filling beds and the importance of vetting operators who align with your goalsThese factors can significantly influence the financial viability and stability of the investment.