You will be forced to solve problems and get scrappy which will carry through all the next phases.Then, I would see if I could possibly start with an addition, garage build or other small and simple structure for your first ground up -- I started with a 250 sqft master suite addition.

The Sheriff might require a deposit or fee, but will ultimately carry out the Order for Eviction and physically remove the Tenant.Andrew Holmeswww.chicagocashflow.com

Your general contractor must carry general liability insurance.

Real estate investing carries risk, but this is a calculated move.

Like Thomas mentioned, leveraging your personal residence carries higher risk.

I would just take into account that a lower down payment will mean a higher monthly payment so be sure to run the numbers conservatively in order to ensure your STR revenue is able to carry your monthly payment with this higher mortgage cost. 

If you are just carrying it, why keep it if you know you made a bad deal? 

I would ask...Are carrying costs a problem moving forward?

Does the seller carry or private lender financing align with this?

I’ve been down that road of carrying a line of credit on a property before, and the stress can realy pile on when you’re staring at that monthly interest.