You will find some of the people you market to (friends,family, former job associates,etc.) will say ( I am an agent, I used to be an agent, I already know someone I use who is an agent,etc.)This is one of the toughest professions in the world.

The seller requires a cash purchase & I’m exploring creative ways to structure the deal.

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

Just my personal opinion - get a mentor or a person who already has good experience running STR business, preferably in your area (but not 100% required). 

I may be able to STR a spare bedroom but that would be for later.Background: A fixer upper, but I do not know how much fixing is required. 

Best of luck to you.I think @Dominic M. did an amazing job, much better than me, on your post explaining how he would want to see a deal like the one you described.  

That is why PreREO requires the defaulted note buyer/partner to file for a court hearing requesting a third party independent receiver to be given court approval to accept rent on behalf of the actual owner of record and divert the funds to you, the note buyer prior to taking title via a completed foreclosure.

Sometimes, buying an existing property can be more cost-effective and less time-consuming and maybe require slightly less permits, etc. 

Just completed my third self-storage conversion in October with my W2 job at Elm Builders.

I wouldn’t lower your credit score requirement or you’re going to end up needing to evict again and having turnover expenses.