At some (undetermined) number of doors, we'd likely start to use some cashflow to pay down the smallest loan.

Factor in hard money loans, high contractor bids for rehabs, etc and you have no deal.

But to qualify for the best mortgage rates, your score must be at least 740.A minimum loan-to-value ratio of 80%: Generally, lenders will loan up to 80% of the total loan amount.

Hard Money Loan

To begin investing in real estate, learn first, set financial goals, analyze finances, study markets, make friends in the field, get a loan, start with small properties, check all details, plan how to manage them, and choose renters carefully.

Short term loan (3 months) for home and rehab = $203K.

Investor loan programs are available on flexible terms. 

You could possible explore a second home fannie mae homestyle loan.

An appraiser doesn't guarantee you the loan you want.I don't invest in STRs myself but if I were going to I would realize I'd need to beat out most of the competition to be successful.  

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.