STR's don't create real estate value they are a business  I have a dozen and am building 2 more this year so I like the business model and I have over 100 regular rentals.   

Definitely open an LLC if you haven’t done so already and once you have a couple under your belt, you will have lenders lining up for your business.

A personal liability policy "MAY" extend to one or two rentals but if you are planning on building a portfolio consider the commercial umbrella.Another thing to consider is that the courts frown on carry high personal liability but low business liability when trying to hide behind the vail.

Don't apologize, don't explain how the 'chosen' tenant was more qualified than they were, wish them well in their search.You're running a business and you've made a business decision. 

I live in Phoenix and my business partner and I put on a couple local forums for investors like yourself to network.

Having the seller carry a second is not a problem for the first, as long as their business with you is finished and the loan has closed.

It's a business - acquiring/building, managing, and growing a business. 

I dont know your business model exactly but I assume you collect some referral fee from the supplier?

I have found enough business and made enough money not to need to expand outside of this market.Section 8 is a whole different ball game but I find the program is unique in that it's a 3-party relationship adding the variable of a government agency.

I am getting a mortgage for about $175k, putting 70k down, and the rent of approx $1900 is a near breakeven cash flow investment when I self manage.I am sure there are investors out there getting better returns than this, but I am a busy working man with a family and I am playing the long game.