Gatlinburg/Sevierville/Pigeon Forge was highly bid up due to realtors pitching inflated revenue projections. 

Our biggest climate risks in central Texas are typically wind and hail, so anything of concern regarding the roof could get an applicant declined including trees too close to the roof surface, roof over 10 years old, etc.

This wouldn't be mortgage fraud (because you are living in the property), and you are able to make some revenue from the tenants, or am I missing something here? 

The biggest thing to me is buying in quality areas that will increase in value over time.

Did you have any ratios or % gross revenue costs to just get some guidelines on whether the property makes sense as an str? 

Thanks Bill, my biggest concern is the space for the Washer and Dryer isn't big enough.

This is the biggest part of the project.

But is the issue that the 100k you're describing isn't gross rents, its gross revenue?

Occupancy rate is about 60% and annual revenue is about 40k (without filtering anything).

I've had a change order for 14k and anticipate another may come when the canal line is cleared. one of the biggest things has been holding costs with my particular loan product, plus multiple extensions with multiple extension fees Thanks for sharing.