Elements such as low tri merge, low appraisal, unforeseen property issues are the main reasons I switch to other programs but I personally have not had a lot of issues with full doc IP purchase/refis vs DSCR Non-Qm clients.

No matter how carefully you plan, the unexpected crops up or there are unforeseen delays.The key is to understand this and to plan for it!

In most cases, its added extra utility and maintenance costs along with other unforeseen headaches. 

It seems that this is a pretty low amount for someone to start out with considering the down payment, closing costs, and other unforeseen fees.

I want to have a couple of questions lined up for the agent and wanted to see if you guys have any advice for unforeseen bumps in the road ahead.Also, if you guys have a step-by-step you follow, or like a checklist when purchasing a property for Airbnb?

Also, make sure you have enough cash reserves to withstand any unforeseen emergencies. 

@James Robert, you need to have some savings/income before investing in real estate, otherwise, unforeseen costs can pose a great risk.I would follow the 1/3rd rule - don't buy a house for more than 1/3rd of your income in debt/mortgage payments.If capital is an issue, see if you can find a partner who can help fund part of this or another investment where you do the legwork or heavy lifting and they provide most of the capital.Join your local REIA and network.

I have two other buildings, and I have a high amount of credit card debt (over 50k) due to the unforeseen surprises of the latest building.

My worst case should be bottom of the barrel bookings which honestly we would almost have to try to NOT get bookings and the reason i say that is the work is done before our listing is even purchased and even launches, the budget, investment made in the home to ASSURE it can provide an experience that only homes in the top % have...because at the end of the day we're running this like a business and we're not in it to be average but with that said we do factor in a buffer for a rainy day, I.e. unforeseen renovations and usage...but for that did you know that there's STR insurance companies like proper.insure will cover a portion of lost rent for those kind of events?

From there you are entering into an agreement with a landlord who is fully aware of your intention, as well as adding an addendum to the lease that leaves you the ability to break the lease should an unforeseen event sideline your business (not to mention that you could just sublease it to someone else if it really came to it).