If it's currently an STR they should be able to provide you with the p/l statement from prior years so you can see gross rents, operating expenses, average daily rates and occupancy levels.

I always dig into the borrower though (character) - honesty, experience, skill-level, etc.

I am going to see if I can switch to a local Wisconsin insurance that reflects our local risk level in their premiums.Many of the homes in the Pacific Palisades are 3-5 million, but when you look on Google Street View, most are very modest homes from the 1960s (there are some $20m ultra luxury mansions too), so a lot is the land value, the home replacement value on a 1600sqft may be what - 500k at the most?

Depending on your income level, you may be able to take some losses on your return.

I implore you to do one of two things...1) find a partner that's been there, done that, and bought the tee-shirt so you can learn the ropes with someone who knows the pitfalls or, 2) start with a single-family or duplex with the guidance of someone that knows what they are doing.

And while seller financing is a very common practice in business acquisition, the good deals are not being done with high levels of it.Particularly with smaller deals, and especially with a business like a laundromat, there are cash buyers out there.

We also disallow Level 1 sex offenders to the extent we are legally allowed to.

You could also try looking up money judgements filed against local businesses at the magistrate level and target them with direct mail or driving for dollars. 

Did you have to jump through so many hoops and provide this level of personal information?

My biggest fear in Frisco is that someone decides to wipe out H1B visas or you get a sweep like around year 2000 where they fire all the people in mid level management and Frisco gets wiped out