Ryan, this kind of deal reminds me of a situation a friend of mine, Carla, encountered a few years back in a suburb near San Diego.

There are a few options that are first time investor friendly, do not require reserves, and do not have any prepayment penalty (with no cost to buydown)

I don’t have an STR myself but have helped a friend set up and manage a couple last year and it’s not as simple as it used to be. 

Hi real estate friends,My wife and I recently bought our first home in Co springs area close to garden of the gods and other attractions in the area. to no surprise our interest rate is a whooping 7.1%, the main house has 4 - BD 2 B. our mortgage is $4009. the property we bought has an attached dwelling unit on the side of it, completely independent from the main unit we live in, we are currently renting it out for 2 years for a tenant for $1545, It has one bedroom one bath.My question is what are some ways to scale especially since in the current market (is kind of almost impossible)?

The outcome was great.. they secured a mid-century home with a rental unit that offered both a comfortable living space and a reliable income stream.On a personal note, a friend of mine made a bold move and purchased in a slightly less popular area.

A friend of my wife’s brother in Maui has a 5th generation cork and cattle farm near Gibraltar, Spain.  

i.e. hard money, friend/family money, 401k loan.

It's always worth checking recent reviews to ensure you're getting someone who can move at the speed you need.A quick Anecdote: I had a friend who went through a similar process recently.

I to am a big CL user for everything: appliance, patio doors, building materials, etc Thanks All

WA is not a landlord friendly state, but if you are going to invest in WA, the eastern side has some hot spots like the tri-cities area that may yield good cash flow and appreciation and still be close enough for you to go there when you need to.