This would be my first STR so I also am personally interested in giving this business model a try to see if I do want to operate in this space longer term and want to do this properly. 

By all means listen to whoever you want, expert or not, if you're not sure about what you should do but do your proper due diligence.

I've built a $18M RE portfolio without ever having to do a syndication.I hope I answered your question properly!

However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

Also can you list some banks that allow the soft pulls when applying for business products.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

In San Francisco proper the discrepancy between 2 and 3 units is bigger I assume because of condo conversions.

If P&Ls were manipulated or tenant histories weren’t properly vetted, that’s a serious issue and could form the basis of a strong misrepresentation claim.

It’s so comprehensive that I’m compelled to give you a great answer, but there is so much to unpack that a full proper answer to every question may take longer than I have tonight.

Be mindful of this, and make sure you ask all the proper questions before you jump ship.