However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

It might be helpful to narrow down your options by focusing and researching for markets with strong rental demand, growing job markets, and property prices that fit within your budget.

Capex budget was underfunded.  

Also, having a rehab budget already laid out with explanations on how you got the numbers would help and is definitely a plus when I look at deals even though I typically wont use their numbers it at least shows a little more effort. 

If it's a massive budget, lenders may peak in a bit more, but definitely doable. 

For example, I often recommend working with vendors who specialize in rental property maintenance or have experience with rental landscaping to keep your property looking great without overspending.Start Small and SmartFocus on buying a property that fits your budget and investing goals.

She is a truck driver and had always claimed she is on the road and can't talk.

A 5% of incoming rent for each category is a pretty standard amount to budget.

@Justin Landesman's comments are critical about not funding without being on title and/or having a written contract about the distribution of profits.How much do you think the rehab budget is?

Housing agencies have an annual budget and issue vouchers based on that budget.