You can also not include those extra spaces, and then you simply have some association spaces that are excluded from calculating the percentage.In my admittedly limited involvement with the leasing exhibits etc, my experience has been that again it depends.

We get calls from newer investors often that have just bought a property in a flood zone that they want to rehab, but had no idea that the rehab was limited.

With a very high costs are so many are stretched to the limit.

As Nick said, just confirm prepayment penalties for your loan type in case you want to refinance.In IL, duration of prepayment penalty is limited so the penalty can be higher at times

Even with a shared bathroom and living room, your place is likely much nicer than the average extend-stay motel, so if your rents are competitive, then you can likely serve this avatar.You may find that a 5/2 is an acceptable temporary housing solution for a family displaced after an insurable loss (fire, flood, etc.).

It was a true trade-off as the Logan area is more limited in STRs and new builds so ADRs are higher and likely to stay there compared to RRG where the market is headed towards being flooded and there's the potential of ADRs going down like in Gatlinburg/Pigeon Forge area. 

I am looking at similar strategies (as I'm limited by the cash I have available).

Hopefully that upfront diligence plus a healthy contingency budget would suffice to keep me out of that scenario, otherwise I would foresee a guaranteed loss, or underperformance at the very least.

I have a Capital City Visa card with an 18k credit limit, so to be safe I only put $17,400 as the amount to wire.

For instance, knowing the income limits, family size requirements, and the types of properties that qualify can help you make more strategic decisions.