But assuming I feel extremely confident in the proforma numbers, does the structure seem fair for the risk and requirements from each party?

Vacation homes take some planning, I personally think shooting for break even profit/loss with a vacation home is a good tax strategy but if it is a cash cow I would gladly just pay the tax as you still come out significantly ahead and if you have one I probably wouldn't bother with a cost seg study unless you are getting extremely high rents.

This system is extremely expensive and raises your costs a lot. 

The only direct lenders I'd tried to work with early on were confused about how my investment fit into seasoning laws and erred on the side of extreme caution which also would have taken many months for a deal that didn't require any seasoning (which other lenders later confirmed). 

your asking for 100% funding and that is rare to the extreme most fokls that get this funding do so from family friends or very close associates that know like and trust them. 

I have over 50 doors but have basically done it the old way by saving up down payments etc. and buying extremely distressed and sweat equity Ing them back to life.

Keep in mind that if the taxes are extremely low - it may be homesteaded.

Hey Corazon, right after college I sold most of my Bitcoin and Litecoin to buy my first rental property.It was a move from extreme volatility to stability, and I haven't looked back. 

I live, work, and play in downtown San Antonio and i'm extremely familiar with all the action that is going on in my backyard.Id be happy to meet with you when you come down @Chris Hutchens and anyone else that is looking to acquire additional market knowledge in the San Antonio area.

We are both in our early 20s and keep our expenses extremely low (less than $2k a month).