Underestimate the costs and come up short needing the funds?

Are they at market rent, or locked into below-market rates?

No fees = higher rates.

1st step is to make sure that the electricity is rated for having electric heat by the electric company.

It gives you insights into occupancy rates, average nightly rates, and revenue potential in your target area. 2.

If your Realtor is anything like me, they want to spend any marketing funds where the most eyes will be. 

Most lenders that I work with give Wholesale Rates (vs retail rates when you go directly to a lender). 

Look at occupancy rates, average daily rates, and competition to understand the potential for success.Property Management: Consider how you'll manage the property remotely.

There are some great suggestions here on down payment, interest rate, servicing, and underwriting the borrower.  

Hi BP community - I'm an investor with 3 SFHs in the Nashville area looking to acquire my first small multifamily property (2-4 units).I'm trying to determine the best approach for the 25% downpayment, comparing using cash that is currently sitting in a high yield savings account to funds from a HELOC on one of my properties.