So, make sure you ask. 

Step 4: Do a contract with the builder, order an appraisal to make sure the numbers work for the build, wait for the home to be built.Step 5: Close once the builder has a CO!

@Zen Lenon, I'm not dealing with HOA's at scale but I agree that MTR owners need to check their HOA rules to make sure the strategy works for them.

I'm not sure I'd want to go past 10 STRs ever and I'm trying to decide if it's worth Co-Hosting or just save up for the next one.

I'm sure people would pay extra for some kind of "meal prep/private chef" type package in their living situation.You've got the right idea thought, but don't be afraid to reach...nothing wrong with dropping your price after a couple weeks if you don't get any interest.  

That being said due to the number of sharks out there I would only spend money that I can afford to lose. 

Just make sure to run the numbers with the HELOC payment and the rent, so that you are not underwater every month.

@Jaren Taylor, not sure if this is why you talk about raising all cash, but given most deals are trading in the 5% cap rate range, and agency debt is 6.5% while balance sheet debt is closer to 7%, I whole heartedly agree that all cash is the ideal capital structure for many properties today, if your goal is to maximize overall returns for your investors.  

I'm sure they are out there but this is just a rule of thumb and I would rather use J Scott's approach when he analyses deals outlined in his book.You factor in your desired profit as a cost and you work backwards.

For a smaller piece like that, not sure how creative you can get, but it all depends on what it's zoning is, access, proximity to other things, etc.