Thanks River, I'm acquiring using creative finance, but i plan to remodel a bit, then keep this as a LTR

The down payment to acquire this sub to is $25,000. so you give them $25k, you take over a $70k mortgage and they are going to pay $165k in a few years - if you will not do this deal send it to me I will do it. 

Scott's book on estimating rehab costs, it's a must read in this area: https://store.biggerpockets.com/products/the-book-on-estimat...In addition to that, I would check out my article on due diligence.

https://store.biggerpockets.com/products/start-with-strategy?

You left out information that maybe relevant such as taxes/insurance per year, maintenance cost anticipated per year... plus other expenses depending on rental such as management fee(if you aren't manager), advertising cost to acquire renters, etc....

Hi community, I'm in the process of acquiring my first STR property in Joshua Tree and have met with a co-host that I really liked.

More than likely, the loan officer on your file either A) didnt know their own product very well, or B) glossed over this aspect in order to get the loan to closed due to a lack of integrity. 

Or you’re not budgeting for a great product and will be obsceleted in the near future.My team provides all the above without hefty consultation fees like many STR experts/gurus do.  

The E-Myth by Michael Gerber- Start and operate your business with the consumer in mind... not you... not your product or service.

@Michael Izbotsky In community property states like California, assets acquired during marriage are typically owned equally by both spouses, which may complicate transferring jointly owned property into your sole-member LLC.