And what pitfalls would you warn others to avoid?

If look around at the "good" experience focused STR's you'll find a commonality that the ownership is very active, focused and dedicated in what they are doing.

Commonly, funds are used to either pay straight cash or yes use the money for a downpayment.

Here's a simplified and clear answer in Kristen’s voice:It’s pretty common to hold the property in your name (especially if your mortgage lender restricts transfers) but run the Airbnb business through an LLC.

Although single family homes are rare in Pilsen, I’m guessing since this is common here there must be an appraisal standard for these sunken single family builds? 

What is more common for most people is something closer to this.year 1: buy first propertyyear 2: save moneyyear 3: save moneyyear 4: buy second propertyyear 5: refinance 1st property to buy third propertyyear 6: buy 4th propertyyear 7: HELOC on 2nd property to buy 5th propertyyear 8: buy 6th propertyThen at this point you propbably have enough rental money coming in that you can buy a property every year.

Not uncommon, just less common.

There are also occasionally normal private sellers who list properties on there as well but that isn't as common.

In summary, these kinds of tenants are not all that common, but when you acquire one, there is usually no way to satisfy their demands.

Any common mistakes to avoid or best practices that helped you make it a smooth process?