If it's a massive budget, lenders may peak in a bit more, but definitely doable. 

Every 12 months you should budget 1 month of vacancy to turn the unit.

For your first BRRRR, plan for extra in your rehab budget—unexpected costs happen.

It depends what your budget is, how much you value a CPA on your team, etc.

Having a 15%-20% contingency in your rehab budget can be a god send!

If you really like the place but you feel that it is priced too high for your budget, instead of saying “it’s priced too high” and insulting the seller, simply say “I absolutely love your place; it is exactly what I want, and I’d really like to buy it.

I know it's over your budget, but is this the kind of property that would interest you: https://www.realtor.com/realestateandhomes-detail/194-Joliet...?

Any specific suggestions on how to tone down on a budget but still be effective?   

I budget 10% of rent for repairs, maintenance and capex.

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.