(except not firing the PM sooner, oh well..)I also was thinking like you originally, that I would just keep putting 20% down on each, but each purchase taught me a new thing, and each opportunity presented itself at the time and I had to be open to creative ways to purchase, since not every property will be a perfect fit for traditional financing. 

Is there a reason you want to invest in real estate beyond your original statement?

This means that the principal balance of your loan is 78% of the original value of your home.

Partner financed the original purchase price, we refinanced using a DSCR loan with no money down from my end.

I am from this area originally. 

Talk to the current owner to see how long the leases have been in place and the look up local laws to see what happens when the original lease ends (typically 1 year) and what happens if no end date is stated.

As far as closing costs go, see below:-Title fees-Title insurance-Hazard Insurance-Lender's closing fee, underwriting fee, or any other flat fee they charge-Origination fee-Attorney fee (if the property is in an attorney state)-Doc fee for closing docs-Prepaid interest through the end of the month you are closing-Recording and transfer fees on titleThat will cover most of your normal closing fees. 

The original guest loses everything, minus whatever money I recover from a new guest, plus a $100 processing fee.

The commission paid greatly outweighs having to go back on the market and potentially getting less than you listed it for the first time.Some individual markets are better for this than others, but if you have an agent with a great strategy on the list side (professional photos, staging advice, etc) and you pair that with listing the property at a low price; you increase your chances dramatically of getting a bidding war and not only offsetting the commission but potentially making more than originally planned. 

I currently have a plastic surgeon who originally rented for 3 months and has been with me for almost a year now, paying my high season STR monthly rate.