BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

You can get something that's turnkey or new construction at this price point, and most importantly, there's a strong tenant base ready to rent out these homes.

Im looking to get into STR in San Antonio and came across Sinistar. 

@Cyndi Lees the thing that catches my eye in your post is that it would require quite a bit of work to get it started as a rental.

They are outstanding and the website has so much info it can get overwhelming.

And if anything I'd see those things getting worse, not better. 

. - If you make the above clear in the listing, you will immediately get fewer applicants.

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

I’m sure there are app designers out there who’d do an amazing job getting a great BP app put together. 

Great to see you getting into the Southeast rental market.Wishing you the best of luck.