Understand your short term and long term goals.

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

Two tenants leased the 2BD/1BA, and the studio ran on short-term rentals.

Now reality.. unless your using funds from a super successful business.. most most starting out are not sitting on piles of cash or have family offices.. so debt is the only way to get in the game.Also short term debt were your in and out can work.. but it also can bite you in the butt.. look at all the builders that went down in the crash.

This is a story from my past that provides a perfect example as to why investing in tax liens at auction is so dangerous for any but the most experienced and knowledgable investors20 years ago I purchased a SFR as a long term rental investment that sat on a double lot.  

Many banks wont touch deals that are sub 90% occupancy, so you could negotiate short term seller financing to help give you runway to make the building bankable for a refinance while you reposition it.

Aim for a credit score of 680+, with 700+ preferred for better refinance terms.

Once the docs are signed you cant just change the terms without both parties agreeing..

I'm born and raised in Houston and now work with a full service long-term rental management managing over 300 doors - all SF or MU (up to 4 unit).

Most lenders I work with go off of the Pro Forma income expense on calculating DSCR.The terms can be all over the place.