Quote from @Zach Engen: The federal savings bank does 5% down on vacation homes, talk to Jason Wray over there.Email? 

Purchase price: $450,000 Purchased property out of foreclosure, had problems with holder over tenant, but has been resolved, will rehab property to rent at FMV What made you interested in investing in this type of deal?

These include accidents (I recently had 2 units destroyed by fire), natural disasters (I have had two units each hit by 2 hurricanes), property management turn over (they sell or stop being as good, I have experienced both), or turn over of team (I am turning over at handyman and I suspect plumber), or just wear n tear of property (slab leak in poor location, sewer pipes rotted out (one unit this month), roof, foundation issue, etc.).  

@Clare Pitcher we do 12+ month leases to avoid vacancies Nov-Feb.If we take over an occupied property, evict or have tenancy-abandon a property, we first let the owner know finding a tenant will take longer than "normal".This opens up owners to understanding they may need to:1) Offer 3D tour and floor plans to stand out2) Price more aggressively or be prepared for aggressive price reductions3) Offer MoveIn Specials:- NOTE: we do NOT recommend offering a month of free rent that can be used at MoveIn.

In the last 3 years, I've worked with over 650+ new Hosts. 

they're often much more expensive than they appear because they have deferred maintenance that has been adding up over decades. 

I had a recent permit take me over a year to get open.  

I actually prefer some of these search and map features over the MLS.And those that think they can save $$ on commissions will be disappointed.

My basic assumption is I would be trading a certain level of cash flow for increased appreciation over a period of 10 years.

We supply kitchen appliances for all of our units, on the SFR's we supply dishwashers because they are in nicer neighborhoods where a tenant would expect it.