In all seriousness, if this is the start of a budding STR business for you, your parents should understand. 

The right agent will provide a pro forma breakdown on every property they look at, have repair costs estimated, CapEx, etc...

Hopefully your lease has a clause that addresses owner re-occupation.2.

Hi ALL,Does anyone have a good spread sheet for small to mid-size multifamily deal.Thank you!

@Joseph Opoku Yeah you can still get positive cash flow from day 1 in pretty much all areas except the A class neighborhoods.

You don’t have to use it like short-term debt—you can pull from it strategically and pay it back at your own pace.

They have agreed to sell it using seller financing.  

Nice to have a mix seeing as it is both a winter and summer destination.Is the place furnished or do you have to do the whole nut?

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

You can do less than 20% down (as low as 3.5-5%) if you intend to occupy the home for at least a year.2) There will be an HOA (homeowners association) which restricts rentals, so be sure to read the CC&Rs (governing documents) to ensure that your rental strategy is allowed, even if you intend to live there at first, eventually you'll be transitioning it to an investment property, so this will be important.