Too much leverage, when something goes wrong (market fluctuation), you're out.

Of course, major fluctuations in the macro-economy or significant unforeseen conditions could impact these projections. 

Here are some things to consider:1) Vacation rentals fluctuate a lot in terms of demand, which is one of the biggest reasons they don't cash flow as well (or as regularly) as your typical rental properties.  

, most economic fluctuations are barely even noticeable. 

If you buy right with plenty of positive cash flow and equity, though, these short term fluctuations shouldn't matter all that much.

Thanks for the awesome advice everyone, so what I'm hearing is yes rates may fluctuate between lenders but not so much that it is ever going to be worth going with someone because they're cheaper (due to initial hurdles in VA loan process).

The really nice thing when you pay a house off is that you don't have to worry about market fluctuations.

It's worth the wait.But, in Atlanta, values don't generally fluctuate between winter and spring (DOM fluctuates, certainly).

Do this for one year and keep track of expenses as they will fluctuate over the months, they will not be consistent until you've done this awhile, but really each tenant brings their own expenses.

Also, depending on how low-end or high-end the rehab might be, the materials costs (and even the labor costs) can fluctuate wildly.For example, this spreadsheet indicates about $2000 for kitchen appliances.