Why type of price point are you looking, what anticipated ROI/cash flow, how much time do you want to be involved in, what is your risk threshold, how long do you plan to hold the property, are you looking to invest locally or open to exploring other markets, etc.? 

I would anticipate about 40k gross per year based on what we get from the other STR, so I don’t think it will be strictly an appreciation play.

Largely is because renters are not going to watch their electricity usage patterns, which makes it is hard to dial in the right system config to anticipate the load.

I've had the opportunity to see what the Attorney's version of the NoD looks like so if there was a situation where the borrower just needed their feet held to the fire and I didn't anticipate a need to go down the Foreclosure path, I feel comfortable sending an NoD letter myself, certified mail with noted stipulations to cure and outcome if not cured. 

I agree with the "it depends" approach when it comes to determining reserves, but generally, it should align with the age and anticipated maintenance needs of the property.For example, we have a duplex built in 2003 with the original AC units and roof.

We were told the offer was shared with the seller, one refused, the others never responded back.All offers we make clear that the lease is only until closing which we anticipate taking 9-10 months.

Especially if you anticipate making any repairs or value add pieces. 

I have had every one of the above come into play, which has caused the timing of exiting the asset to take longer than anticipated.

That profit was eaten up by the valuation of the asset being off, and finding the borrower for DIL was longer than anticipated.

All I can say is I’ve seen it time and time again, accuracy in your estimates, detail in your work, and anticipating future costs/market changes and building contingencies in your budgets may cost you some deals but will save your investments.