For my units, I usually look for someone with annual income 40x the monthly rent so I know they are financially secure. 

On the other hand, if you’re financially secure, the low-rate loan and potential appreciation make holding more attractive.

Wealth Building: Paying off the first STR focuses on cash flow and financial security, while buying another property focuses on scaling and wealth building.

He even tells us not to do business with seniors on Social Security or with newbies, but he has no qualms of ripping me off on Social Security and a newbie!

Purchase price: $420,000 Cash invested: $55,096 Purchased a distressed single-family home in Antioch, CA, using the BRRRR strategy to create $141,000 in equity and secure a cash-flowing rental property.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Generally, the coverage of the policy will state; “The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured after acquisition of the Title by an Insured or after conveyance by an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.”

Quote from @Jordan Kaylor: I'm new to real estate investing and have secured a HELOC on my existing home.  

Quote from @Phillip Austin: There are two alternatives to a security deposit, which I speak about in my book.

My strategy would then be to lease at least two of the renovated units, increasing occupancy to 90%, which could improve the chances of securing favorable terms for refinancing.I haven't pitched it to the seller yet.