If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

I also practice as a Realtor because I enjoy it and it is extra income.So as an investor, your options are to get your RE license and have access to a lot of tools and do the research yourself (therefore you're paying with time, energy and a little money) or you work with a great realtor/investor in the specific market you're looking into.

I've gotten deals and formed partnerships through some very unorthodox connections over the years.To answer your question, it will always depend on the specifics of the deal in front of me but in general I'd still prefer value-add.

Also, nightly stays should be adjusted based on your specific pricing strategy as well (e.g. longer stays further out, shorter as dates get closer or gaps exist).

Be sure to check with your lender to confirm their specific criteria regarding the property's condition.In short, fixer-uppers can qualify for DSCR loans, but the property either needs to be producing rental income or have a plan to do so after renovations.

The motivation is not necessarily to scale into larger opportunities but rather to achieve better balance and also optimize the performance of the projects and types of projects I currently pursue.I have no shortage of individuals who possess specific skill set who would want exclusive rights to that particular service vertical in return for contributing capital and a partnership interest (construction background and wants to take over all construction duties or someone who is a sales broker and wants to list all of the properties etc.)

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Materialism is his love language.

As a builder/investor myself some of your estimates seemed a little off to me, but those can be very market specific so its hard to say. 

@Justin Smith wouldn't do it.Why is he willing to sell you this SPECIFIC rental and not another?