And of course it goes without saying that any deal of this kind would involve an experienced real estate attorney--especially one that is "great" 😉Thank you for the insight, which is both practical and encouraging!

Similarly to what Mark Cruse stated above, provide dignified housing, respect your tenants, and either have a good PM or make sure you are updated on the regulations and best practices for placing tenants.  

I'm a big fan of value-add opportunities, whether it's buying something currently undervalued & fixing it up to my standards, or buying something that has additional income opportunities that have yet to be incorporated. 

Hello Kyle,When screening applications for the properties that I manage, I always look for:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)I have found this screening standard very helpful when finding tenants who pay on time and treat the property well!

Seems like a good idea in theory maybe not in practice. 

They are a horrible company with unethical billing practices.

The property will need to have a slight rehab to get it up to STR standards, but when complete it should easily be a $200k Gross booking revenue property.

And if it's a high amount, would you be better off just using that as a downpayment and get a standard new investment loan?

@Bart TillyThere are various "standard" agreements available in the marketplace (e.g.

Best practice is to keep one or two payments in reserve from the buyers down payment for such instances.