**Letter of Intent (LOI)**: Though not legally binding, an LOI can outline the basic terms and conditions of a potential deal before the final contracts are drawn up, ensuring that all parties are on the same page.It's always wise to consult with a real estate attorney to ensure that your contracts comply with local laws and protect your interests.

When your rental income is 1.5-2x the mortgage payment - as is typical for highly refined STR strategies - they're basically not concerned about the mortgage payment.

According to Warren Buffet, Fannie and Freddie really failed because of high-leverage risk-taking in the fixed income arbitrage space, saying:“The portfolios are what really got them into the trouble…the managements of Freddie and Fannie tried to juice up the earnings, basically, because the insurance guaranteed that they were given that mortgage.

If a sponsor resists this basic transparency measure, consider it a serious warning sign.  

Basically, more than a certain amount of STR and MTR in the same building were considered a hotel and I would have had to have 24/7 staff on site.Were you able to get around that with the local municipality?

This tax is assessed on business income inside of tax-exempt entities or organizations (IRA falls into this category).

Most will require basic documentation such as a complete loan application, ID, Entity Docs, and 3rd party contact information.

Right now there's huge concentration, but as this continues to build out and we see north of the high 30s GW by 10 years from now it'll be almost a requirement to keep some type of locality based risk assessment and to diversify. 

That is the basic run down, I would suggest syncing up with a real estate knowledge accountant for your specific situation! 

Agree it is difficult to assess costs when they vary so much by location.Keep in mind that some turnovers are sickenly expensive, and that is just the nature of the business.