Focus on finding a replacement with strong tenant screening processes and performance guarantees.

@Travis TimmonsI had the same reaction as you did, but I held off on posting since I don't yet invest in STRs (I'm all LTR so far, and looking into my first MTR).Buying an STR "to offset income" makes me nervous as well...

Sorry for the tough love, but not buying the above.You & your wife's salaries should cover your expenses, while the income from your remodeling gigs should be saved.Recommend you review EVERY dollar you made and what you spent it on in 2024.

More on DSCR loans: DSCR loans won't use your income to underwrite the loan. 

We’re looking to increase our lifestyle through the decrease in housing and built a little passive income medium term. 

A debt service loan would be a good option if your DTI is high, you want to close in an LLC, you're self-employed or have low income on paper, or you don't have a stable 2-year work history.

Verify income: Always make sure they make 3 times the money required monthly for rent.  

It’s usually best to open a separate business checking account so your rental income and expenses stay organized and away from personal funds.

I have two LTRs and want to get a STR to offset my W2 income.

A bit about my situation and motivation for getting into real estate investing...I have a full-time, high paying W2 job as a specialist physician that I generally enjoy but would like to  be able to supplement my income over the next 8-10 years if/when payments decline in medicine.