In practice rents will be slightly lower and sometimes slightly lower.

I've heard too many stories of investors purchasing homes for STR use, only to find that they lose their permit or the ability to transfer it when they sell.

In Phoenix, a 1996 build is practically brand new when compared to a WWI-era home in Cleveland or Pittsburgh or some other Midwest or East coast city.While I agree that older homes come with more problems, buying something newer may not work as the price will be higher and won't cash flow as well.I'm of the mindset to buy what fits your budget and investment goals.

It's best practice to interview several candidates.

Think 10-12% CAP rates.D class areas= Practically no price appreciation, worst/struggling public schools, highest crime rates (especially drugs and violent crime), highest cash flow.

If I have no ability or desire to see something I'm putting thousands into, I will just buy an ETF. 

Great advice, to stay practical!  

for sure its legal as long as you use an MLO to do the loan and adhere to dodd frank rules for qualifying the borrowers ability to pay.. 

You have the ability to grant permissions based on the user's security level, which you determine.

I feel this gives me the flexibility to find the right solution for my client and not just sell what my bank offers.I'll also throw in my 2 cents on common differences I've seen in my career:CDFIs - Because of their subsidized financing structure, they have the ability to be a low cost lender (and sometimes provide grants).