Be sure that you are purchasing in a desirable location though.

I am torn between pricing rent lower with a minimum 3 night stay or just weeding out the less desirable/more work clients with higher pricing.  

In my opinion, value add is the way to go if you want to accelerate your equity capture. 

Although I’m sure the bank made it clear that rents would have to go up quite a bit in order to meet the monthly mortgage obligation.

Otherwise, you'll have to go for a hard money lender and expect 12%+.

Quote from @Brian Burke: @Chris Seveney when I started my lending company with two partners our aim was to go from $0 to $2.5M per month. 

I would be cautious chasing the 1% rule, a lot of the time it puts you into less desirable neighborhoods or into properties that haven't been completely renovated.

Just check the local rules to make sure you’re good to go!

Lots of investors simply want to go "bold" on all of their projects by using sharp color contrasts, busy tiles that catch your attention, and modern lighting that looks like it belongs in a hotel.

Playing sports isn't forever and I know a 9-5 isn't for me, I am very much desiring to get ahead and learn how to build wealth from all those smarter than me!