Good luck and I'll be checking back for any progress updates! 

Did you check Airbnb? 

But I will check out your ads thank you

Make sure you go check out the market and the area.If you want to be really passive and have scale you might could invest with a syndicate on a much larger property that is better quality and has good scale. 

In the meantime, I’m hoping to assemble a checklist that runs you through the whole process from analyzing the property financials all the way through the first rent check. 

It is super cheap and provides both of you protection.I would check into your current lease agreement and see when it expires.

Double check that is correct.You might want to reevaluate the amounts you are holding for CapEx and Repairs.  15% together is probably sufficient.  

Just to move the discussion along, I've checked a library close to me and relatively centrally located with easy access.

I would then send that same letter with the final itemized list and check.

Unfortunately, so many areas are just sitting vacant because I definitely agree that the character and architecture are awesome!