My agent is saying that we are unable to split the contract that way (or reduce the purchase price), so I'm trying to figure out options.

This is more than enough to do PML's whether you originate or purchase from a broker is up to you.

I was involved in a bunch of industries—from wellness and gyms to digital marketing and consumer products.

This negative equity position consumes the initial cash flow to re over the negative equity position.  

Hi Thu - Congrats on your first STR purchase—so exciting!

@Jason Khoury I purchased my current residence, a duplex, from a local non-profit about 5 years ago.

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

I purchased the property from the Shelby County Land bank. 

Don't forget to annually mark time for vacation or family time.You might consider hiring a teenager part time if there's something that is time consuming (for me, putting out 20 open house signs then picking them up).Best to you!

Or like California a RE Broker like myself or Consumer finance license all which are regulated by the state .