It seems like a good strategy but would appreciate any advice and if anyone worked with banks/lenders that provide a service like that.Thank you in advance! 

Negotiating with the seller was straightforward, leveraging the property's condition to secure a $50,000 purchase price.

Finding a place within 5-10 minutes of Barnes, STLCOP, Wash U, etc seems to be a great idea.   

Note, even though you may have a per-transaction fee or unlimited transactions, it looks like pretty much each transaction will still have some additional associated fees for things such as AHC/wire or expediting docs, but they seem reasonable.When I was setting mine up, I was told that the flat fee isn't charged until your first transaction. 

Looking at some properties around there and it seems to be the norm to have a cesspool in a few towns (WW, Coventry, NK/SK)Any immediate watchouts or gotchyas / red flags?

nice, we've been looking at making one of these in-house, seems like a challenge but if executed well should payoff quickly

That $450 a month seems low. 

Quote from @Trent Reeve: Quote from @Jay Hinrichs: Quote from @John Underwood: At our 3 bedroom Lake House we have both.At our 6 bedroom Pigeon Forge Cabin we have 2 drip coffee makers and don't have a Keurig.So I agree it depends on your property. seems to me coffee pods would be much cleaner and easier on the host ? 

I also am fine closing my purchase in cash, and refinancing shortly thereafter (or even down the road in 6-12 months).So for my questions:1) I've spoken with some mortgage brokers- they all seem to charge a lot of upfronts and are telling me I need to do a DSCR loan.

RCN Capital - Never used them, but seem to be legit Roc Capital - Used them, be careful here, if you don't do your proper due diligence with the deal, you will end up with an unhappy borrower.