WE upped out security deposit coverage from 1x rent to 2x rent when we implemented, and that has been pretty seamless.

Simple as in new paint, appliance replacement, light fixture replacement, and sheetrock (due to repipe of old Kitec).

I also understand that the real money will be made on the 3rd, 4th, 5th+ deals, so my primary concern is getting started, getting experience, and making a little cash on my first investment.My initial strategy was to purchase a light value-add dup/tri/quad that is selling at a discount per key to FMV ideally with rents below market.

$150/ft for that size may be a little light due to the fact you don't get economies of scale building smaller. 

Do you feel the additional drivers of the Northern Lights in areas like Fairbanks would help increase winter occupancy better than places like Anchorage?

My other properties so far have been light rehabs but I'll be starting a significant rehab on a property soon.

If you are working with someone who will only paint the positives, and no negatives or risks, then tread lightly. 

@Matt LawrenceWe are about to implement a no smoking policy across our entire portfolio.

Well it sounds like they've already passed laws regarding STRs, they just haven't had time to implement it. 

Before trying to implement any of them, the first question should be: what exactly is the purpose?