Is 10% Down for a STR reasonable for a group of Investors?
Me and a group of a few other investors are planning on investing in a 4br/3ba home in the Kissimmee/Davenport area in the upcoming 6 months to use as a STR. The way our financial situation is currently laid out, we are going to have four equal partner investors. We intend to put 10% down and finance the property as a second/vacation home under one of our names.
My question is: Will we reasonably be able to get financing by going about it this way? Is there anything in particular we should anticipate/do ahead of time to make the lending go smoother?
If anybody has any experience in doing something similar please let me know!