When evaluating a property management company, it's important to look beyond just the management fee and consider the full scope of services and costs involved.For example, at our company, we charge a 10% monthly management fee, a $250 lease renewal fee (unless it’s a takeover tenant, which requires additional effort to establish a strong relationship - because usually people are changing pm companies for a reason), and the first month’s rent as a leasing fee.

Most DSCR programs will want you to have owned the property for more than 6 months to allow you to use appraised value instead of cost.

Evicting them, even after purchase, could be a lengthy and costly legal process.

Short term rentals do get more money, but also cost more to run and require more time.  

It is going to cost more than you expect, and you'll have that "Oh, crap!

My model is NOT good for LTR as it's not cost effective. 

And the reality was I only put 20% down plus closing costs.

Agents are also advising you to look for expensive mistakes (like checking the sewer which could cost 5-40k) and using their network and contacts to find homes off market or FSBO.  

Once you pay realtor fees, closing costs, sellers want 10k for points and concessions.

If you don't, it can cost you everything!