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

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?

They are a horrible company with unethical billing practices.

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

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

It is common practice for mortgage companies to later sell the already funded loan to a 3rd party like a hedge fund or a bank after the fact.

Sad, as I am sure I would like the views and the area, but it makes perfect sense practically, financially, and legally.Just curious but what color is the sky in your world John? 

Regardless, you might find the copy & paste info below helpful:)--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I know the founder and know that they've set out to build a platform that takes the best features of sites like Furnished Finder and Airbnb and leaves out the clunkiness and annoying policies and practices.