A lot of operators don't focus enough on the asset management component and rely too much on the PMs.

Estimating is both art & science and FWIW most professional estimators rarely get it spot on, usually operating within a Delta.There's tons of estimating books, software etc.

And having some operating income is ideal but not necessary if I expand through HELOC and refinances.

Depending on the loan product, you may be able to exclude business debt once the business has paid the debt directly for 12 months.The income and losses related to the operation of the entity will affect the income side of your DTI (like Jay explained) if you own 25% or more of the entity.

Hard money, private money, joint ventures, even lines of credit secured against existing assets—there’s a ton of capital out there looking for strong operators.

I will say that even though you get the boost from VRBO and AirBNB, the first year of operation is usually lean as you build up the rep.Offering a discount on the stay is a way to be more attractive but don't go crazy.

Sometimes people get into a bad rental situation, it's not always on them, but typically it's their fault.Ask the property owner what their comfortable with.

I was just on their website looking at the permit process:CityofSac-STR PermitLooks like 90 days max until you get a conditional use permit but still reading as it seems a little unclear:A short-term vacation rental may operate from a location that is not the operator's primary residence for a total of 90 days in a calendar year.

Regardless, guy did a great job so not going to complain about order of operations, but I am in a bit of pickle. 

I’m in Ohio, so I can purchase a property with $40k cash out, invest $10k in repairs, and rent for a couple hundred above the monthly operating costs.