The same scenario occurred where we got a booking right away and thought the reservations were going to keep flowing, and then there was a "pause. 

And having reserves or cash flow is key - will help you absorb any unforeseen situations.

So call it $60K for the down payment, and another $8,200 for reserves.

Consider FHA loans for lower down payments and reserve for repairs or upgrades.

We are a growing market with low unemployment but you will see a lot of the rental income going to covering expenses and setting aside reserves. 

You can refinance it into a conventional loan and that helps avoid the higher down payment.FHA also offers more wiggle room when it comes to DTI debt to income ratios and reserves requirements. 

If calling a plumber to fix a real leak is going to kill your reserves, this is a bad deal on a property and bad cash flow.The first thing to learn as a landlord is that everything is your responsibility to cure.

I am very confident that my STR PM would be able to evict an STR tenant that over stayed their reservation in less than a day and likely in less than a couple/few hours.  

As lenders, well issue a prequal/preapproval letter if we've analyzed your income, assets (bank and brokerage statements to establish that you have the liquidity to afford the down payment, closing costs, and reserves), review credit of the guarantors, review the relevant experience to ensure that we're not throwing our money away on newbies that are wandering around in the dark, and have put together a reasonable plan of attack for the project.

Hire a contractor or GC with clear terms for execution and completion.Secure financing early, whether through cash, private lenders, or hard money loans, ensuring reserves are included for unexpected expenses.