Yes BofA is all over the country but if you go to your local branch it's pretty likely that loan officer and/or office wouldn't be licensed to operate in another state. 

Regardless, guy did a great job so not going to complain about order of operations, but I am in a bit of pickle. 

We can still choose how much to pay someone to operate it if necessary.

However, they approach financial health from different angles.The 50% Rule is a quick estimate that suggests operating expenses (excluding mortgage principal and interest) will roughly equal 50% of the property's gross income.The DSCR is a more precise calculation (Net Operating Income / Total Debt Service) that determines if a property generates enough income to cover its debt obligations.Deal example:- Class C middle class neighborhood- 4bd / 2ba single family house- ARV: 190k- Purchase: 105k- Rehab: 35k- Market rent: $1,400-1,525- Section 8: $1,475- Property manager: 10%- Taxes: 125 month- Insurance $1250 yr- HOA: $55 month- purchased and rehabbed with all cash.

Now have a portfolio of 6 properties with some that are owned others just managed but turn key operation for sure. 

Operating as short term rental by the bedroom, grossing $3500 - 5000/mo, between $500-1000 net.

For us STR hosts, I know we are very conscientious about guest experience and I want to be proactive about doing things to ensure my business operates successfully.Thanks!

Lenders will want to see the filed Articles of Organization, an Operating Agreement that you can get from your attorney or, if you're brave and it's just you on the LLC, some people use Legal Zoom or Law Depot.

You also have to build in holding costs, investor capital, operating costs etc.

The other is a smaller operation which does a lot of business in the specific neighborhood the house is in.