A) The $40K cash on hand was not including my emergency fund and merely represented what I wanted to stick to as a low ~10% DP or to be used for a small refresh/reno. 

Would be curios if folks have also just included the cost of utilities at this price and left it unpermitted.

The factors you mentioned are very important to keep in mind for any investment, but I like investing in areas I know. 

-Interest rate of 5% is much lower than market interest rates. 7-8%+-There are no capex reserve considerations included. 5% is a starting point.

(Of course, there is a factor that higher rating will increase my booking but that is not just coming from adding one or two amenities) Besides item 5 and 6, I am not sure how much other items will attract more guests to my business.

@Brandon Stelling As a military veteran with 100% VA disability benefits, you can leverage VA home loans to purchase properties with no down payment, no PMI, and favorable terms, including multi-family properties for house hacking. 

I'm glad to be included on this platform with like minded interests.

In Philadelphia area there are several REIAs including Diversified Investors Group (DIG), Delco Property Investors (DPI), and South Jersey REIA (SJREIAA) just to name a few.

So if you move your IRA assets to 401k, including both rentals - you can finance them in the 401k and be exempt from UBIT.

Now we are mostly scaling our business with larger communities but I've used many different creative finance strategies including seller finance, private lending, hard-money, collateral from other properties, and lease-options.