There are so many new operators in the STR field now, and the questions about certain things are mind-boggling.

LLC in the state of operating?

@Matthew Drouin had a great reply:"Typically 50% of revenue is going to go right to operating expenses on small multi family. 

If all prospects and leads come from yourself, then you are operating your own business.

DSCR is going to be your best bet here.

Operating in an industry where "we track time," I can offer a few hopefully helpful tips:1.

The Midwest is probably your best bet for a number of reasons.

I just mean to say that I don't think there is anything wrong with their business plan, their operational expertise, and so on, so unless something melts the economy down, it seems as though Brian integrity of the operators is the only remaining variable. 

The 50% is rather deep a cut, especially with all the additional operational expenses not included into that 50%.

More than likely the asset will in a location where cap ex & management/operational costs are disproportionately higher and therefore your expense ratio will also have to be adjusted to a higher number.