For STRs, i always bet on it being outlawed at some point so most are underwritten as LTRs, no to low leverage, and/or we view as a family second house.

I am not sure how many class C or A motorhomes can tow a loaded horse trailer.

Are these Class B, C, or D properties?

Good stuff, although in our experience, most investors going OOS, don't do enough market research.We really push understanding the property Classes of the market, so someone doesn't put "lipstick" on a Class C or D and sell it to an OOS investor as Class A or B!

If at the end of the 5 years of holding, I did not replace the A/C or roof, no cap ex.  

For example, both of the following are possible: 1) Extreme leverage - an "All-in" bet on appreciation: A syndicator can raise capital for multifamily, take out bridge debt on a low-cap rate property, and then lever up again with preferred equity to effectively give the common equity a 90%+ leverage.

@Dayton Bourassa one issue you haven't addressed is whether these properties, and the corresponding tenants, are Class A, B, C or D.Why this matters?

When buying your first rental property, or any, you probably should not bet on rents going up 4% per year.

If it’s C or above, getting the new management company, doing any updates needed to be comparable to comps, and adjusting the price properly should correct this.

All of the inventory I have seen that these TK companies have is in C- or worse areas!