Also, townhomes are a great bridge property, it's a common trend that those in townhomes are aspiring for home ownership meaning credit sensitive and with that right mindset. 

Building a relationship with local real estate attorneys or agents specializing in STRs in the area can save you headaches down the line. 

If you are running a LLC for your rentals is essential that you keep all business  funds in a separate account I like Credit  unions the best .

At this point, I would recommend having a line of credit to cover these things so you don't have money sitting in the bank doing nothing when it could be put to work.I have 33 units, no debt except for mortgages, and excellent income.

So I get this referral from a relative about a tenant who has good credit score, no criminal history, and a good paying job.

I would look at it in terms of whether you can afford a worst case scenario where you're covering the deductible and have a credit line or cash to front the re-build cost and getting reimbursed from insurance afterwards.

@Geovanni Cano sellers don't like FHA, it is meant for people with little money and very low credit score, plus you have an FHA inspection which can derail a deal a week before closing, nothing the buyer can do.

In our trade, I would not expect any owner or GC to get this correct since our industry is extremely specialized.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Any special type of flooring that you recommend to make it look better and less maintenance over the time especially when there is turn around of tenants.