For the "local little person" who is having a difficult time keeping ahead of the rising costs of living, as well as an employment market that overall has mostly low paying jobs, operating STR's was a nice way to supplement their income - plus is also helped increased property values.  

Now, if he is getting another supplement through Medicaid or some other means-tested program, that may be a different story. 

@Bryan Hartlen  As I understand it, (which is why I am I posting for information as I may not be correct in my answer to you),  a city, county or state housing authority supplements a Residents rental payment as long as they are working a job, but do not make enough money to afford the rent per a communities rental qualification policies regarding income.

I just thought it might be a good way to supplement income from my 9-5, save more of a down payment.... without all the added pressures of fixing properties, being a landlord etc. 

I would suggest looking at ways to supplement income of your current W2 as a starting base so that this isn't as much of a "leap of faith" as your put it.

That's good.Throwing an ambitious, people pleasing 18 year old to the wolves of college administrators and recruiters, having the government supplement an endless supply of guaranteed loans, which keeps inflating the price of college for everyone else, etc. 

It’s a great market for both LTR & STR I’ve found, although I don’t do the STR for income, just supplements my COL.

You might even see 50/50 after a second hurdle, say a higher IRR or an equity multiple.As others have said, Sponsors typically make their purse at an equity event (refinance, sale, occasionally supplemental loan) and the acquisition/PM/etc fees are “keep the lights on” fees.

.- Assuming I refinanced and bumped up my rents [over 3 years] cashflow would increase to about $5,100 a monthI purchased the building in the hopes of supplementing my 9 - 5 job or better yet replacing it after the loan was paid. 

I'm not sure that 7 doors will be enough to really supplement income.