Financing My First STR/AIRBNB w/ HELOC

[Sam Barnsley]

Hi BP Fam! 

I’m looking for recommendations/help with figuring out financing for a deal.

I have found a home to purchase to use as an Airbnb. The home is available for around  200k+ and  in need of around 100k in renovations. 
 

Will a lender use the potential STR income as my income to qualify for a mortgage? If not I may be SOL. The plan was to pull a HELOC (we have up to around 250k), put down 25%, then do the reno for 100k and be all in around 150k.

Without the STR income, DTI is around 51%. With the STR income, DTI is around 37%.

Thoughts on options/alternatives? Are there STR specific lenders?
TIA!!