Prepare financially by saving for down payments, improving your credit score, and setting aside emergency reserves.

JBF Financial Services LLC DBA Finance International Group is a boutique mortgage brokerage that only does business in Florida.

Dallas was the hot market post the financial collapse of 2008.

Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

@Derick JenningsRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

A STR is a completely different animal in my opinion, in that it requires more work and much more compromise, but financially is worth the effort. 

Clear financial separation ensures all rental expenses are deductible, maintains legal protections, and simplifies tax compliance.This post does not create a CPA-Client relationship.

I recommend before spending thousands of dollars on this you speak to your CPA and your attorney as they will understand your overall financial position and the risk.The question I love to ask is "what are you afraid of being sued for that insurance would not cover you on?"

So, if you don't know how to build financial models, there are some available that are pretty good online (adventures in CRE is a great resource).  

I originally wanted to do a quad but financially I know I can’t fund a project that large, unfortunately.