It was denied due to there not being proper working smoke detectors in the property. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Many Martis buyers are interested in form over function and the builds can reflect that, with more $ spent on adding square footage and finishes than the details that aren't seen (insulation, ventilation, water management, etc). 

But if the area is prone to winds, you could get some spray up on the house which will create a need for more maintenance.You need to make sure you have proper coverage for lake front property.

10% is probably a little steep, and like John said, a flat fee may be more reasonable.Setting up a proper STR is not cheap, but once you are set up properly, you deal with routine breakage.I recommend managing yourself and saving the 20% personally, getting a rockstar cleaning team and a reliable handy person, using something like Hospitable that can help automate messaging when listing, and reading the book from the bookstore here called Short-Term Rental, Long-Term Wealth.

In this situation, it’s important to approach the tenant professionally and review the terms of the lease to make sure the rent increase was properly communicated and complies with local laws.

I recommend focusing on getting a great investment property and disregarding Section 8 in that pursuit because any property can be a Section 8 property, but a lousy investment is lousy regardless of having a Section 8 tenant or not.Section 8 will perform a basic functional and safety inspection for your units after you have an agreement with a Section 8 tenant and your local housing authority.

This is a prime example of functional obsolescence.

I would work on getting your income up, and saving properly. $30-40k a year is not enough to manage REI, if anyone tells you it is it's either they got something to sell you or they have not faced a cycle or two of financial hardship(economic not necessarily personal).

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.