Typically, if you have a mortgage, the mortgage company will collect taxes and insurance when you pay,  so there is not really any budgeting required for this.

Also, the ability to find good deals with an accurate budget to complete the project up front from some good project managers/general contractors.

@Shiloh LundahlYour posts are always entertaining, the banter cracks me up.

Personally, and what I would do for my clients, I would connect with a local community banker to discuss the property and see if their bank would entertain this type of financing (not all banks like doing this type of deal).

Very commonly the resident pays a portion of the rent so your rent increase will affect their budget and their lives. 

On the other hand, if you're working with a lower budget and cash flow is your priority, say under $180k, Cleveland is the place to look.

Budget carefully, prioritize high-ROI renovations, and adhere to strict timelines to maximize profitability.

@Peter Mai, I would budget about $6-10k, but I'll find out soon and let you know how much I paid in Long Beach.

However I don't have enough cash budgeted out to put a down payment on a second STR.

Mortgage rates at 7% 2. 25% down3. 10% of current rents budgeted for capex, monthly repairs and maintenance and property management fees.