Getting started can feel overwhelming, but a strong foundation goes a long way.

Be sure you can attract health care travelers at the price you would need to make it net more than long term. 

Also be leery of underwriting by anyone that has not been in the market long enough to have long life cap ex failures unless they indicate their cap ex is derived by cost and expected lifetime.  

I probably could close in a week if the HOA did not have any red flags (planned assessments, long approval for design changes, nothing limiting ability to rent, etc).  

Remember that diversification is key, so keep an eye on trends in different regions to make informed decisions.

Should I use a DSCR loan for this or pursue a local bank for long term financing?

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

His smile was constant, like he couldn’t quite believe it was real.His wife’s eyes welled up when she stepped into the living room, already imagining family dinners and birthdays there.

2) Buying Class C BRRRs that need at least $20k of workHere's some metrics to consider:Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

STR, for me in my eyes, PAR is 40%.