for DSCR = Annual Net Operating Income / Annual Debt-Service in a refinance deal (1) is the Annual Net Operating Income just gross rents?

The Arbitrage unit that we operate is owned by a friend, so we probably played a little fast and lose with our agreement with her. 

But here's the deal: paperwork is the backbone of the whole operation.

Setting up an Investment LLC (holding) for your properties, a Property Management LLC for operations, and possibly another LLC for short-term and mid-term rentals makes sense.

So visiting the property could have some value, depending on your goals of the visit.I have hosted investor tours at properties in the past, where we dedicate time with our investors and the community manager to walk the property so they can see their investment, as well as talk about current operations, how the business plan in going, and allow them to meet people on the team that they invested with. 

Washington was the operating partner, with the land being developed for small farms, houses, grain silos, tanneries, barrel manufacturing facilities, churches, stores, etc. 

I then sold the “business” (equipment, name, signs, goodwill, etc) to an operator for $50,000 cash, and the operator signed a five year 3N lease at $3,000 per month.

Mine is a bit verbose since I cater to low income, but am happy to share with anyone who sends me a private message or e-mail.  

I was looking at REI with my partner who has a great credit score - 750+, but looks like lenders would be looking at the lowest middle score which would be mine - 640.

You should definitely check out Avery Carl's BiggerPockets book "Short-Term Rental, Long-Term Wealth" https://store.biggerpockets.com/products/short-term-rental-l...There is a lot of amazing insight into everything to think of while operating an STR.