Keep the majority of your money in your accounts $1.5M liquid reserves is a ton of cash so let it earn you interest.Use the Banks money to lend on a multifamily use a Fannie Mae loan its only 5% down but you can put more down to meet your target monthly payment.

(Trying to skimp on coverage by not telling them you're Airbnb-ing the place will defeat the purpose of insurance if they deny a claim because you weren't truthful.)There are specific STR insurance carriers like Proper Insurance, but most major carriers offer a rider for vacation rental or short-term rental insurance as well. 

: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.

Since you are buying a newer cabin you will not have to worry about this as much.My strategy is buying cabins in great locations that need major updates and completing the majority of the work myself.  

So when a major financial institute says your not financially stable enough for additional debt, YOU SHOULD LISTEN. 

I found the property, handled the majority of the closing process, and am going to be the property manager.

This protects you in the deal if the home appraisal is low or a home inspection finds major issues with the property.Have your finances in order with either a pre-approval letter or cash to buy the home.

Now if they got married, had kids, and a vast majority still lived in apartments that MAY have the makings of a trend.  

Have you ever overlooked a major item that needed replacing?

If you do have experience and connections to build then do it but majority of time buying an existing SFH works