I am not a lender, I'm an investor that typically buys major city-center multifamily. 

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

But enough to make to do all the cosmetics along with a few major items like HVAC, appliances, etc.

This gave us peace of mind and ensured that any unexpected incidents wouldn't result in major financial setbacks.These two choices have played a crucial role in optimizing our STR strategy, balancing profitability and protection.

The deferral is all on major capital expenditures, roofs, HVAC, Water heaters. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, immediate cashflow and at the lower end of relative rent & value appreciation.

Let me know if you want to know more about Breinigsville( great place to invest Btw- neighborhood with great school and close proximity to major landmarks) Hello i am looking to invest in the Allentown market lets connect.

what are some other major red flag questions you might ask?

@Derek Heinz you might be better off finding a major fixer-upper, getting a hard money loan (HML) to acquire it. 

However, for major issues, STR insurance ensures you're fully covered.