I love Cross Country specifically because they can service their own loans meaning that they handle all the construction draws and payment processing.Plus, I like Homestyle over 203k because they don't have as strict of guidelines on what has to be renovated.

@Justin LeeIf it was for services, you need W9s from everyone.

@Joe BellevilleTo build a successful multifamily property portfolio in Grand Rapids, set criteria for property type, location, and budget, build a team, analyze deals using the 1% rule, leverage house hacking, leverage local knowledge, prepare for tenant management, network, and focus on long-term goals.

Depending on when the STR was placed-into-service, depreciation will be prorated based on the amount of months remaining the tax year. 

It includes servicing the spa and cleaning the 3150’ cabin.  

I'd suggest checking in with some social service organizations within a few miles of the property to see if they work with people/populations in the area looking for this type of house.

Other distractions include non income-producing activities - aka any distraction pulling you to do something other than speaking with and following up with people.How can I prepare myself?

Now use 50% expense rule implies $2k expenses not including mortgage service.  

Things like landscaping/snow removal and labor cost for repairs are going to be highly variable based on your market so you'd need to do your own research on the going rate by either talking to other local investors, running your own google search, or exploring basic services on thumbtack/angies list etc. 

Also, Investors need to be prepared for and understand if there are additional costs that come with foreclosures, such as water bills, and potential fines for property upkeep.