I do require full screening for the incoming tenant, and updated income screening for the full group of tenants.

As for the "seasoning", some lenders will require the property to be "stabilized" (perhaps 80%-90%+ occupied, depending on the lender) for 3 months, 6 months, etc. before they'll do a cash out refi.

Since Covid this is just the way of the world with STR/MTRs, it can require more cleaning and cause damage but if you want to complete it is a necessity. 

I've also heard of requirements to own for at least one year before you can use the home as a STR.Hawaii is a leftist state that doesn't protect private property rights.

The city required the road to be extended a few feet, along with water and sewer.

You should require the tenant to carry $100,000 liability.

I've consulted a few times over the years with planners and with the way I buy properties, my liquidity requirements, and my concerns about about how government overspending affects the future, makes me a poor candidate for IRAs and 401(k)s with the stifling regulations.   

@Zach HowardThere is no legal requirement for landlords to actually witness lease violations firsthand.

The notes, being in default had an unpaid balance of $3.2million.  

Also, keep in mind that an IN multi member LLC would require a separate tax return, so you would want to budget for extra admin fees.