As others have mentioned, having a good ballpark estimate of rehab costs before closing is also smart, and likely required if using a hard money lender. 

Most are probably going to require creative financing. 

@Jim LynchSome typical minimum tenant screening requirements look like the following, but it depends on your market:-Renter has a gross monthly income of 3x more than the monthly rent-Minimum credit score of 650-Renter must have no prior evictions-No felons (or other notable criminal history)There are a number of different tenant screening softwares out there such as Zillow Rental Manager, TransUnion SmartMove, etc.Be sure to complete an employment verification by contacting the renter's employer and confirm the details they shared with you, landlord verification (if they have a previous landlord), credit check, and background check.

In my opinion, it’s a terrible look when someone affiliated with a property management company doesn’t pay rent—and the owner won’t step in.High Turnover Costs-My properties often required expensive turnover work, frequently due to evictions and poor tenant quality.

“A company is required to file a notice with the Commission on Form D within 15 days after the first sale of securities in the offering.”5.

If STR material participation requirements are no longer met, depreciation deductions may be limited, impacting how much you can offset against active income.

Malibu allows it but requires a 15% "hotel tax" on the gross revenue.I would recommend looking out of state or underwrite the property as a long term rental in the event laws change.

City of San Diego requires a permit. 

Some schemes require the homeowner to unknowingly transfer the property title to a third party.  ** Other schemes will promise homeowners that if they transfer the title, they can continue to rent the home and repurchase it at a future date. 

The other watchout is if you lose your job you are required to pay the money back quickly, like 30-90 days with most 401K's or the loan gets converted to a withdrawal that comes with tax implications and penalties.