For example, are there specific documents or information I should prepare, or would identifying a target property first be more beneficial?

I'm not specifically familiar with BP's deal analyzer (I use my own).

If you'd like more specific advice about your property I offer design consultations and audits. 

.- Put Upward pressure on real estate operating costs: Increased costs for raw materials and supplies, and the likely increased costs for labor involved in many real estate related CapEx and maintenance projects signal the risk of increase in costs for real estate operators.If there is no impact on near-term supply, a modest slowing of inbound (illegal) migration, more reason to believe that the cost of many goods and services will increase, and real reason to believe that inflation triggered by something other than an increase in the money supply (namely the cost of specific goods and services that are NOT housing going up, which comprise the CPI) will force the Fed to raise rates, this, on the whole, is not good for real estate investment returns. 

I would also add that you join your local REIA chapter (Real Estate Investor Association) as it will allow you to network with other STR owners and get more location-specific information. 

@Morgan Vien For your Oregon rental property, forming an LLC in Oregon can provide liability protection specific to that property.

Are there specific qualities or terms you look for that make the relationship a good fit for your investment strategy?

Option 2: Electrician recommended mini splits - said 2 units should do the trick and would cost around $6-$7k.Heating system 2 is forced hot air oil furnace specifically for the 3rd unit.

Texas does have specific rules regarding home equity loans and cash-out refinancing (often referred to as "Texas Equity Section 50(a)(6)"), but these don’t prohibit homeowners from using funds for investment properties.

Are there specific lenders or servicers that are more likely to call these loans?