I was hoping I could get some more general information on how this whole process goes and to inform myself on the pros and cons given im a newbie and don’t know much.

Purchase price: $380,000 Cash invested: $135,000 Annual rental to be turned into STR when tenant vacates What made you interested in investing in this type of deal?

That ensures you don't spend it on other things and that you know exactly how much you have available to spend on the next purchase.

Have you considered using a down payment assistance (DPA) loan/grant for this purchase?

Thanks again for your input, and I'll probably reach out as I get further along in the process.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Obviously would be a slower process, but would create very little debt hanging over your head.

We haven’t really felt the effects of it yet but I think that is mainly due to the timeframe it takes for them to process claims and emotions from the devastation.

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

The second is a rehab property that I purchased for myself, I purchased it out right for 100k.