I would also add that you join your local REIA chapter (Real Estate Investor Association) as it will allow you to network with other STR owners and get more location-specific information. 

For example, the garage door must be remotely controlled so:The property manager can remotely open it to allow delivery and service people access.Access to the garage will be through an app on the tenant’s phone, no clickers or digital keypads to reprogram.

If you're eligible, a VA loan is your best choice since it requires $0 down, no PMI, and allows multi-family properties.

You notify them you will be purchasing the policy for them and doing so with their security deposit money, if state law allows it. 

You won't be considered a viable buyer and not allowed to bid.

The family purchased a lakefront property in a nice area three years ago but then ran into a series of issues, and have abandoned the place because of them.They are hoping the bank allows a short sale (asking for roughly $20,000 under what is owed)Here's what's made them so unhappy:Anytime they used the laundry it was dumping into a dry well, which would back up into the house forcing them to take their laundry to a laundromat instead!!

On the other hand, I’m hesitant to simply pay down more of a property, as we don’t need the immediate cash flow.Fortunately, both my wife’s job and mine are recession-proof, which allows us to be a bit more aggressive with our investments.I’d really appreciate advice from investors who have experience with frequent moves or military service.

Key Factors for a Good Seller-Financed DealCash Flow: Rental income should exceed monthly payments (PITI) by at least 1.25–1.5x.Purchase Price: Compare to ARV and market value for fair pricing and equity potential.Interest Rate: Aim for competitive rates; higher rates must still allow positive cash flow.Amortization/Balloon Terms: Favor longer amortization and align balloon payments with your exit strategy.Down Payment: Lower upfront costs reduce risk but should meet the seller's expectations.Flexibility: Seek no prepayment penalties and fair late-payment clauses.Property Condition: Ensure the property’s condition matches terms through inspections.Seller Motivation: Assess the seller’s willingness to negotiate favorable terms.Exit Strategy: Have a clear plan for refinancing or payoff at term end.Portfolio Fit: Ensure the deal aligns with your financial goals and risk tolerance.Vetting multiple deals and consulting professionals is crucial to making sound decisions.

Fannie mae allows you to transfer your loan into an LLC, but it is recommended that you speak to your loan servicer and ask that if they themselves will allow you to do so.

Depending on how long it takes you to save up the amount, you might want to also allow for inflation on that amount for your continued savings.[2]   Read Rich Dad poor dad.[3]   Think about getting a second job - possibly a temporary job - save a 100% of the money.Just my 2 cents.