From what I've seen in this area right now, it seems like you'd have a hard time paying market LTR rents and making a good spread. 

On the other hand, when you design strategically for a specific type of guest, they’ll not only pay your desired rate but also return and recommend your property.I go deeper into this on BiggerPockets Episode 933, but I completely understand if not everyone finds this info relevant.

@Robert Brock, I guess my advice is not really any different than I would say to someone wanting to be a residential wholesaler: you need to add value to the transaction.Often times, having the deal tied up is the value, but more often then not, in my limited experience with commercial wholesalers and residential, the wholesaler has no idea what someone will actually pay, so they tie up a deal at too high a price and then add their fee that turns a bad investment into a horrible investment. 

Many groups buy cash flow negative deals and overraise to pay distributions right away. 

I have excellent credit and good paying job approval will not be a problem. 

I am the type of person that is normally looking to save a money to increase my investing so the thought of paying someone to do my taxes when we could do them ourselves didn't make sense. 

Who pays when the resident breaks the agreement and quits paying? 

You will be paying 6-10% for just having them collect rent. 

I asked if there was anything else we could try, he got very angry and demanded I pay him in full.

My experience in Massachusetts, where it took nearly a year to evict a non-paying tenant, has made me more selective about the locations I invest in.I am looking forward to learning and sharing insights with this community!