Highly doubtful that there is a NNN lease equivilatent for residential properties.

I did it myself for a number of years - good rents for sure but never easy.We have found if you buy in the right areas you can have really high-quality people renting by the room though (our average credit score was >700 for a long time).Do think short-term rentals are equally (or more) challenging in my experience.Regardless of the model, I think it's a great call to offload the thinking and stress by partnering with an operator who does the heavy lifting. 

Question: assuming an ideal brrrr that has all investment extracted at the refinance, why would you choose a low cost market over a high cost market?

Here's the problem: They are not a sustainable asset for most to own; they are difficult and costly assets to exit through a sale; if you achieve favorable refinances, you may be able to use those funds to buy other (hopefully better assets) but are now faced with operating highly leveraged bad assets. 

high cash flowing short term rental How did you find this deal and how did you negotiate it?

It is much more difficult to sell an entire portfolio that has become uninsurable (which would require a cash only sale) or that insurance rates are so high that no one wants to buy. 

The best defense against rats entering your property is to seal off all entry points (holes, cracks in walls), remove food sources (dirty dishes, food left in trash cans), and water sources (like leaks). 

The risk of property damage or a lawsuit from a dog bite is too high. 

Most of my CFO clients that are in residential development are looking for IRRs (usually over a minimum 5-year period) in the high teens and the commercial developers are looking in the low to mid 20% range.

It's short sighted because it sounds like there is a high likelihood this current tenant will pay. 5.