If you have a good FICO, a decent down payment and closing costs, go ahead an do the first one. 

There is 3-5% down payment options you can use.

Don't change jobs or income yet.Once you do and you think you can manage the payments based on your new income, maybe once you get the rooms rented.Then if you want to switch there are plenty of opportunities. 

Do they require payment on site or do they give you a certain number of days to close the transaction?

To make a long story short, they are no longer able to make payments on the property and are in danger of losing it.I have a rental property in Southern California that I currently own whose value if I sell should cover the outstanding loan balance on the farm.

Let the cable company chase the tenant for payment of that service.Yes, require renters insurance. 

I used a HELOC to cover the down payment, appraisal gap, and furniture, allowing me to enter the STR market without depleting cash reserves.

I had specifically asked for numbers including mortgage payments and they emailed to me.

However I don't have enough cash budgeted out to put a down payment on a second STR.

You only need a place to track tenant information, payment history, maintenance, etc.