Just food for thought when you are starting off, always keep your buffer bigger for reserves and all to make sure you have the ability to get out when the market turns. 

Remote STRs look great on gross revenue but the real question is what’s left after management, cleaning, turns, supplies, higher utilities, repairs, taxes, and a vacancy buffer for slow months.Quick checkpoint I would run is annual net after all STR expenses divided by all in cost, then compare it to a local multifamily where you underwrite rent minus PITI minus property management minus maintenance and capex and see which leaves more real cashflow per dollar invested.

Quick gut check I like is target rent minus PITI minus 10 percent management minus 10 percent maintenance still needs to be positive with some buffer, and you want all in around 65 to 70 percent of ARV if you expect a clean refi.

Everyone’s risk tolerance is different, but with high fixed costs like that, I’d want a real buffer, not breakeven.

If your GC doesn't have buffer built into their timeline and pricing, you're absorbing that risk.

Variance: Do you find that the "non homestead" millage rates listed on the Michigan Treasury site are reliable for underwriting, or are there hidden local fees/assessments you always tack on as a "buffer?

He will need 20% down + 6 months reserves + closing costs + 1% liquidity buffer. 

They build in time buffers.

I've started padding rehab timelines by 3-4 weeks and adding extra buffer to my carrying cost assumptions.

On most deals right now, I'm modeling rehab at hard costs plus 20-25% buffer, and honestly, that's the only way I'm sleeping at night when I'm bidding 8-10 weeks out.The multiple exit strategy is huge.