You'll have to meet higher ratio and FICO requirements. 

First off, the cash-out refinance requirements have gotten tighter w/ the "seasoning" period.

Does airbnb require you have a permit to list in SLC or are people just winging it without permits?

As I said earlier, this is strictly for investment purposes.The property does not have to be turnkey, if there is room for improvement that's of no concern as we both have the skill set to invest in whatever upgrades are required.

For a 3-4 family home, it's more complicated—you're looking at commercial lending, which requires a large upfront investment, high holding costs, and greater risks.

The required POS inspections become one added layer to closing a deal, but as you’ve seen, some properties come with completed POS, while others require repair escrows that can add up to around 10-20k. 

This wasn’t a required expense.Property Taxes - $926.88We put in the offer to pay the full years property taxes vs. split them at the time of the sale.

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

What’s required for success in this is deep knowledge of real estate in general and the area in particular; experience in real estate and the local laws, etc.; and capital to pay for options, marketing, legal counsel, accounting, tax advise, etc.  

It's a very expensive repair (ballpark $15,000) and the cost depends on how long the sewer line is.A lot of municipalities here require dye tests and occupancy inspections.