I immediately began running numbers for a rent-by-the-room scenario for travel nurses. 

Additionally, ATCP 134.05 says that if the tenant provides a consumer credit report from an agency that compiles and maintains files on consumers on a nationwide basis and it is less than 30 days old, the landlord may still run a credit check but at its own expense.When I inquired with the company, they replied: "These laws are in place to ensure that you, as a landlord, are not profiting by incentivizing multiple applicants to apply when you have no intent to rent to them.

I think about this often, its really just running the numbers - if you borrow 100k at an 8% interest rate, will the investment get you more than an 8% return?

Yes I have known it to work because the owner is not a push over, enforces policy and can make it run good......however, do you have the right personality to do this, AND if you move out can you continue to have the house run smoothly with no one in charge.  

What are the largest pitfalls one may run into that turn this from a 150 to 350 ordeal?

These are by far the least amount passive so do your due diligence on understanding how to run a successful STR business and researching local laws on allowing STRs.2.

I find that it's almost a one stop shop in that I can use it for my business checking and savings accounts, bookkeeping, for rent collection, I can issue virtual credit card, I can create all the financial reports I need to run my real estate business and prepare for tax filing and through their partners I can vet my tenants, develop state-specific leases and more.

Now VRBO is where we are running into a challenge.

Buying a new primary residence has nothing to do with the capital gains exclusion.It is when you go to sell the new house down the line you'll run into a problem.

I've seen many investors get burned because they failed to understand their hard money loan terms/rates, even if they did acquire what should have been a home run deal.