I assumed you'd use HELOC for down payment + another loan for the rest. that is 100% financed. 

but with that said, it seems like you're assuming OP will be able to have a high performing / top performing STR (which i think we would all agree would beat unleveraged market returns.) 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

I’m assuming the deal you’re referring to is somewhere other than Texas. 

One of the others is 200 lots plus with townhouse lots which are popular.and the 3rd one about 110 lots its a land assemblage so layout is not standard.I assume they got it as raw land/ag? 

.), and the Landlord assumes no liability for such loss.

I will not know that until I climb under the house and into the attic etc... for inspectionThe area is close to things and is not in a indicated crime location and has a very nice open lot area on the corner with it but again assuming the tenants stay and lease I am looking at that as a smaller issue..Thanks for bringing up the concerns but I have tried to do my due diligence but do not really know is the analyzing aspect has missed something major.

I always assumed that the buildings in that area were condos and flats mostly.  

Assume for a moment its close to max tax bracket ie. nearly 49% (Federal + State), roughly $17K.

People that get destroyed are ones that are enticed by the low interest rate and assume they can refi after the second year.