The bank that I use has an unfortunate contract with a local appraisal firm that I feel does substandard appraisals and has for me ALWAYS brought in numbers that are substantially lower than what I know I could actually get for the property on the open market.

The attorneys fees alone could put many out of business.There is a reason they make you decline coverage in writing in many/most states. as you probably know Tom I wont buy anything of substantial value with out title insurance. to your point I bought a 6 acre track in Oregon that had 3 homes on it. got a great deal at 140k..

You'll need to be able to substantiate your status if you're ever questioned about it, but it sounds like you're really good at record-keeping already, so that shouldn't be an issue.

The market seems somewhat saturated with vacation rentals, however I have heard that people are still seeing substantial cash flow from properties there (and it seems that most properties I've looked at on VRBO are pretty much booked up!).

Your either going to beat your head on the wall because of the debt and stress about it making money or stress that you paid all or a substantial amount of your cash when you go all in. i understand this will be unpopular for a lot of BP viewpoints but it worked for us, we own 2 STR that we owe nothing on now and purchased both for 670k and have a real value of $1.2-1.3mm. it requires you to put a lot of your cash back to your reserves but you have it all to do it with.Personally we believe in ourselves and our ability to pick high producing properties(that is the very first and foremost consideration) then we went all in and never looked back, 2 years later bought our second STR with mostly cash. 

The property will likely require substantial work to make it a rental.

Hello BP,I have a tenant who I started the eviction process who recently moved out before the court date but left with a substantial balance.

I see newer builds on wholesalers lists from time to time, knowing that even if they listed on the market at a discount they would be able to get 10-15% more but since they spoke with the wrong person they are now taking a substantial decrease in profit on the home.

You see OM's all the time touting the parent companies etc. but if they are not on the hook for the lease it means nothing.I do not mind local to regional tenants at all IF there is a personal lease guarantee with substantial net worth behind it.

One with 90+ members is great because it affords the HOA a lot of economies of scale with vendors thereby keeping HOA fees lower.Review the HOA financials and make sure they have a substantial reserve that would cover a hail storm deductible and/or other storm damage.Read the Bylaws to make sure they're rentable and check the pet limitations.Check the common grounds for any big ticket items that may need replaced soon.