I was going to run an STR in the home and he would enjoy a higher rent than from a regular LTR rental AND he would have the property managed too.All was going beautifully.

I declined the vacation/deal trip. 

It depends on what upgrades you're planning to do, but in most cases you have to wait until the tenant vacates. 

God bless all those who are helping and all those still in peril, you are mountain strong and you WILL MAKE IT.This post is my intent to document and get others opinions on what rental/vacation property owners can do.

The idea of owning and managing vacation homes that provide memorable stays for travelers excites me.

So, $5k/$20k = 25% return on your investment.This is a very simple example that ignores the rental income vs any mortgage payment (taxes & insurance, etc. would be the same in both examples).To increase cashflow, you would also want to take the lower payment of a 30-year mortgage vs 15-year.Regarding the purchase:1) Require the seller to have tenants sign a MTM lease or vacate before closing.

There are programs that offer 100% financing for many different people like Veterans, First time home buyers, (Certain states), Medical professional loans also offer 100% (Anyone with a Medical license).You also have Second Home or Vacation home which only requires 10% down.

And most of the damages a guest will do can be covered by these str booking sites insurance.Your budget will prevent you from buying homes in some of these big cities or vacatation areas with tons of str's. 

High-speed internet, a desk, good coffee etc will be different than a family staying for a vacation. 

I'm particularly passionate about [multi family Estate Interest]Outside of real estate, i enjoy meditation walking reading ].Excited to learn and connect with you all!