It's all coming back to you, because if you don't do your homework, you would be negative.DSCR is actually not needed for Airbnb unless it's a non-warrantable condo.

Do they warrant the work they do on renovations?

If you need a conventional loan or a portfolio loan if it's non-warrantable I'm happy to make recommendations.$400/mo HOA on a $70k condo seems excessive so you definitely want to do good due diligence on what's included and what the financial strength of the organization is.

Your agent should have directed you to the proper lender and disclosed the non-warrantable status.  

What I'm asking is - would you renovate the house to make it "rent-ready" and go back in 2 years and give it the complete finish job when you know the resale value would warrant it? 

.- if a home is distressed enough to warrant a 203k loan, but priced for an owner occupier rather than investor you can get it under contract- if you use a 203k loan you need an approved 203k contractor, but yes it is good to line one up to make sure they have availability within the completion window.- if the repairs aren't extensive consider using a non 203k loan combined with a Home Depot project loan (up to $35k).  

I realize there has to be a good business case justifying site changes of any significance, and maybe the amount of Canadian traffic doesn't warrant such an investment. 

Many of the lower priced complexes (which yours is at $100K) are non-warrantable which makes getting financing of any type challenging.

Having a difficult time finding financing since it is an investment property in a condo with the own-occ rate at 35% (non-warrantable number per FHA).

Both Key & Compass lend on non-warrantable condos so you're not restricted to cash buyers if you re-sell.I'm also a fan of Homepath, it's often a better deal on terms and the renovation program is easier to use than 203(k)'s.