I have a unicorn 10% down product that is not Fannie and Freddie so does not have the loan level pricing adjusters that others have mentioned.

As mentioned, I don't see vacancy and bad debt (missed payments) on here which calls into question everything else. 

Like others mentioned, there is typically always a Facebook group for your local STR hosts that you can connect with other hosts. hope this helps! 

You mentioned appreciation and how the property has appreciated 60 something percent since 2000.It has not.Same goes for rents. 

As someone who's looking for solid B-class break even property to just hold and appreciate, I'm confused why ATL barely gets mentioned here and other places online. 

Lender has risk if as @Chris Seveney mentioned buyer puts a second behind your first  this causes the first lender to have to go through a full foreclosure to remove the second in a default scenario. 

I agree with everyone who mentioned self-managing (using a tool like Hospitable makes it a breeze almost with a good cleaning team/handy person).

We know no more about him than you have told us, but just the list of items you mention give me pause - "He's been trying to get into real estate for 6 1/2 years."  

To add to this, a lot of Wholesalers or agents from New Western deal specifically with lower class Real Estate, because like Stuart mentioned it is the lowest barrier to entry and typically easier to convince sellers of that property class to sell under their conditions. 

Final update.Project completed.Rented and Refi, this project as I mentioned is the first out of town investment we've purchased, I have uploaded final pictures I hope you like it.the deal when well, I had to leave more money in the deal that I wanted but over all a great experience, because we started with the BRRRR we fined contractors right away and we felt confidante and that give us the push we needed to purchase more, so now we are proud the report that we have 3 properties (4 doors, 1 duplex 2 houses) that all are rented and cash flowing well, and also one more under contract!!!!