Hi everyone - first time investor here! I'm looking into buying a $400-450K single family home to convert into a STR. Would appreciate any input on where to invest - Henderson, NV or Phoenix/Tuscon, AZ? Does anyone ha...

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!

And I'm projecting here, but it seems like the banker went through the list of named loans in their head like FHA, VA, jumbo, etc and wouldn't have "DSCR Loan" in a drop down list to select, as if you were asking for a FHA loan, so was stumbling a bit.I'd maybe suggest asking more about how the loans are underwritten when speaking with a mortgage officer and if saying "DSCR Loan" doesn't seem to get you traction, maybe ask something like "well, I was hoping that my request could be looked at from a DSCR perspective as well as any other underwriting you do for the best chance at approval because of XYZ."

With the selection on PM's, I mean this respectfully, maybe you do not understand how to find a good PM.

For example, selecting someone on disability or no disability is illegal and should not factor in your decision in any way.  

I try not to ghost them and always tell all applicants when someone is selected so they can continue their search.  

I do land only.. but very selective of where what and who :).. just google in the state for lenders that do land you should find one but there wont be many..

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!

Empty the units, spruce them up, put in paying tenants selected by your manager.If you think it's tough dealing with an incompetent manager, try managing them yourself from a distance.

Here's an article with things to consider when selecting a cost segregation company.