Hey Lucas, If you are a first time flipper, I would anticipate 75% on the initial purchase price/ 100% of the rehab financed. 

I wouldn’t do an initial draw at closing.

in short, it's going to take a lot of networking and time that doesn't initially have any revenue attached to it.hope this helps

8/14 update: Steven Yoak is not a part of this initial post: he has been instrumental and amazing since I’ve started working with him.

.- Furnishings and Decor: High-quality, durable items are worth the initial investment.- Insurance: Short-term rental insurance (beyond renters') can protect you from guest-related risks.- Licensing or Permits: Check if your area requires permits, as some cities have fees for short-term rental operators.Breakeven Analysis: To calculate your breakeven occupancy rate, add all monthly expenses (rent, utilities, cleaning, insurance, etc.).

And the ability to adapt is critical: we have seen so many STRs pop up in Milwaukee over the last years, that only the best thrive.Speaking of it: next week at RPA-CON we have a session about STR vs LTR.

Now, we are out of the identification window so we are left with either trying to save the current deal (which involves accepting terms that weren't initially part of the deal or call it quits and pay the capital tax gains on half of the proceeds from the sale.Are there any other options that would be worth considering?

When initially purchased, the property was in disrepair and had not been properly managed for 10+ years.

My hesitation is that after accounting for all of the items you are supposed to account for when analyzing a deal, the CoC return on the down payment is pretty much negligible initially.

A STR is both a business and a real estate investment.Having little oversight on a newly formed business would make me anxious also.As others have suggested, you should consider going to the area for the initial items(Purchase, renovation, etc).Once you buy 1-2 properties, you can look to unload these items to someone else.Best of luck