Even with HMLs, they would either want to see reserves, or you would still need to put in a little 'skin' into the game to make the deal workGood luck!

Obviously it is always a good idea to respect folks time, but find someone who also has skin in the game, investing where you are investing, can talk about their experiences, and also has built a network of folks who can support you after the transaction as well. 

They will fund 80-90% of purchase and 80-90% of renovation but not one or the other if that makes sense. they want skin in the game from both sides (acquisition) and renovation. 

I feel like normally they (underwriters) aren't allowed to speak with us directly... 

Quote from @Michael Baum: Hey @David Rutledge, the purchase of a small hotel is a very different animal than SFHs for STRs.Like @Luke Carl said, you will have to have some significant skin in the game.

We will post in the BP forums, but it normally is every second Wednesday of the month.

Some/many lenders don't like a 2nd mortgage behind their first (like the skin in the game), however there are both bridge or permanent financing options out there allowing you to leverage anywhere from 90% CLTV - 100% CLTV, but don't expect good terms...

Normal wear and tear would be a few small nail holes for hanging artwork, a clock, etc.

When refinancing, do you normally have a tenant in place before the appraisal, or refinance while the property is still vacant?

You can go to a CU or local bank but they want a wad a cash from you for skin in the game and your going to have a rough interest rate.