It's based on the purchase price and will not include any improvements, reno, or increase in value since the purchase.

Last, you can do an unlimited amount of repairs to a home using a 203k renovation loan (up to the FHA loan limit), including knocking down the house and building a new home!

Do you have someone that manages it all including bookings and customer service or just specific parts like cleaning only? 

New construction is also a solid option because everything’s brand new, and you’re less likely to run into issues with maintenance early on.As for research, I’d focus on the local economy and rental demand.

And those also only have a limited ability at best to generate a balance sheet, which you generally want to include on a 1065 return.came here looking for answers to exactly this question, and David is correct re: why.

Lot rent is $365 and includes water.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

This property will not compete with hotels is what I thought  We just book multiple rooms next to each other to take advantage of the included Disney transportation.

In the spring you can list it for market rate and have better marketing/screening strategies in place.HOW TO SCREEN APPLICANTSI recommend you include some of your key qualification criteria in the advertisement.

Quote from @Collin Hays: I don't manage short-term any more, but can't you include this in a written rental agreement that the guest signs at the time of booking?