There is a short term rental segment of the forums.  

Ok thank you I understand the distinction now.

What I remember so distinctly about acquiring the first rental is how there were a lot of documents and signatures, but no actual money at the closing.

We had previously looked into STRs (Gatlinburg), but it is a difficult segment to get into due to being so far away (5 hours driving) AND current interest rates.

From my POV.it really depends on asset class and tenant Class.. this is a huge distinction. my clients that I sold apartment complex to in Oregon with B class.. they pay 4% but then have to pay for on site manager as employee.. so 4% to manage the on site person so that person does not rip you off :).However for BP and I have to think the vast majority of the rental property investors on this site that have gone to  D C B out of state markets.. those props are not like a 600k rental in Denver and the tenant that comes with it.. or really any city with a A class tenant..

In other words, if you put one in your offer it will probably not get accepted.I had one shift on me, because they used a piece of 2x4 under a segment, must have not had enough stone. 60 years later that 2x4 was rotten away, the pipe broke and was 50% offset starting to catch solids (you know..).

To clarify, the biggest distinction between a second home and a rental is the 10% down?

Here is an excerpt (edited slightly by me) from an Appellate Court case in Connecticut that discusses the test:"If an agreement is personal, it cannot be said to have run with the land and thus cannot have bound the future grantee....For purposes of the distinction between real covenants (running with the land, or touching and concerning the land) and personal covenants, a covenant may run with the land or may be a matter between only the purchaser and grantor.

@Greg H.thanks for the feed back and the distinction between and automatic acceptance and the possibility of an acceptance - that is what I was missing.  

He is looking at 1 specific market and 1 specific segment of asset in that market. 3.