Quote from @Dave Bobka: Excited to be joining this community!

What made you interested in investing in this type of deal?

If the properties are split into more than one LLC, then each LLC will need its own accounts.Checking: collect all income here, then use it to pay bills.

Ask your employer if you can have your pay split up into three deposits, one to investments savings, one to your checking account for personal use on a daily basis, and one to an emergency account you can tap into so you don't have to tap into your investment savings.

The "variables" you speak to could mean this is worth every cent of a 5.4% cap rate to "I wouldn't touch this for a 12 cap".  

Purchase price: $355,500 Cash invested: $75,000 Rental Property near community college What made you interested in investing in this type of deal?

You can refinance into a FHA 203k or like @Jason Wray mentioned you could even use a Fannie May homestyle renovation loan as well!  

Do the numbers make sense with each and all interest rates? 

We will then, as the units turn over, get rents up a good bit further with additional design improvement renovations and hopefully reno into lower interest rates when they drop or at the very least in 5 years on our 20 year we'll have paid off enough to refi into a smaller loan.That is the only kind of smaller deal we can find in neighborhoods where we want to buy now. 

Some neat shops and bars there, and a brand new fishing and entertainment pier is scheduled to open this year.Congrats on your STR in Savannah!