You should have a good idea of every expense you have in your primary home, then add the STR specific:  (These are rough estimate numbers, depending on various factors)STR insurance - a special insurance that covers both the property and your liability, could be $2~4k in areas without natural disasters, could be more than $10k in some other areas.cleaning fee - approx. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal:  $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses. 

If it is a good business with a hard to finance issue, he'll work with the loan team to figure out how to lend to them.

Who covers the tax bill when they don't pay the tax bill or the insurance? 

The way I interpret the following policy clause is that so long as the property is defined as other than "VACANT" which is the case when the property is being "constructed, altered or repaired", the 30-day time period and vacant status does not apply in this instance: We do not insure any loss at your premises if your dwelling has been vacant for more than 30 consecutive days immediately before the loss and the declaration page indicates an occupancy other than “VACANT“.

Yes, you bring home more each month but when you compare the amount you bring home versus how much you had to put in, the returns are typically significantly lower on your money when you pay all cash.

I would consider asking a slightly higher interest rate than market, because you are offering financing for a buyer that may not qualify for a traditional loan.

HELOC is an acronym for "home equity line of credit".

Whether it's for a new home purchase, refinancing, or any other financial needs, any suggestions would be greatly appreciated.Thanks in advance for your help! 

Purchase price: $145,000 Cash invested: $15,000 I obtained the home 9 years and am holding it for cashflow as a single family long term rental.

Been looking at hard money loans, and also looking at doing a 401K loan from my w-2 job.