The particulars of a project, whether fix & flip (cash now), fix & hold (cash flow), rehab & reboot (cash out), is only one of many ways lenders decide whether to invest or not.

The best I've seen for STRs is 80LTV on purchase and 75LTV on cash outs. 

These guys are having fun because there are a lot of scammers and gurus out there selling LLC creation services and Wyoming Trusts and Cook Islands Trusts and if you believe all that b.s. you will end up needing to cash out refinance soon in order to access that equity in order to pay for all their services plus an accountant to keep track of the mess.

Ditto, I use PriceLabs for my STRs - here is a nice writeup ...Airbnb Smart Pricing Vs PriceLabs: An In-Depth Comparison For Hosts | Boost Your Short-Term Rentals

Or any amount of cash you take out from the exchange are considered to be profit. 

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

Spreading funds across 2-3 properties could provide diversification and steady cash flow.

I purchased three out of state "cash flow" rentals with Evernest.

You can still achieve it, but finding deals that actually pencil out on all criteria (low enough purchase price, low enough renovation cost, cash flows on the backend, all cash out at refinance) is pretty hard.

For newbies, I recommend starting with a turnkey cash flow rental.