I see it WAY too often person who got a property, analysis based on STR revenues, found out they suck at hosting, revenues are never what expected, feels like work, and than when try to shift to standard rental there deep in the red because standard rents are a fraction of that hopeium STR revenue, but there "stuck" with a property, a mortgage bill, and are than searching to break even or paying $ to get rid of property...... 

There "may" be a policy form out there that doesn't require this, but all the ones I've ever seen follow these standard insurance principals.   

If you don't have a unit open to cycle each tenant through while you renovate them, you don't have an option because things will keep breaking when occupied and you will be getting less and less rent and no profit for years.You are right Jonathan, we just started out and like you said technically it should probably not be called a "deal" to the standard of a wholesale investor.We are just putting our first step forward.

That is part of the standard contract that realtors use, but a private party sale could of course be different.  

Our month long tenants really appreciate having a walkthrough video available, especially because a significant percentage of our longer term tenants are international. 

The paperwork to get them setup almost always meant my first rent check from agency would be about 45 days after lease start, so you need to float that.Tenants always paid with Money Order or cash, both required an actual visit to bank versus standard check that could be mobile deposited or ACH.Neutral:My tenants were not "light" on the property, but generally not overly hard either.  

Since the Internal Revenue Service (IRS) doesn’t consider child support taxable income, I would not consider it in the rent calculation unless you have a HUD-specific home.According to hud.gov, “[rental property] owners must count alimony or child support amounts awarded by the court unless the applicant certifies that payments are not being made and that he or she has taken all reasonable legal actions to collect amounts due, including filing with the appropriate courts or agencies responsible for enforcing payment.”So, does child support count as income for renting?

Its a good question and lots of resources here on BP to learn - generally going the "conventional" route with mortgage loans from private lenders that conform to GSE (Fannie Mae) standards is great for your first few, then many switch over to "DSCR Loans" when they start scaling towards property number 3,4,5 etcI recommend talking to Jeff Welgan at Bluprint home loans to talk to to learn about the conventional options https://bluprinthomeloans.com/jeff/Also feel free to check out these resources on "DSCR Loans" which don't use DTI at all and are really good for scaling:BP-Published DSCR Guide!

All in all, the home is older but that is standard for the neighborhood and I have a solid amount of equity in the home currently.Recently, my dad said he is retiring and moving out of California. 

If you don't, or if you are still paying MI, then maybe you'll want to consider doing a standard cash-out refi.