A lot of lenders used to apply 35% for expenses, but in the last several years, the numbers for supplies, labor, utilities, taxes, etc… have increased significantly.Also take into account the age, occupancy and how has the property been maintained, this will affect the expenses too

🚀Disclaimer: I am a licensed real estate broker associate in Florida, but I am not a lender, financial advisor, or attorney.

If I can use a lender, how would that work? 

Roger that @Brandon Vukelich, but I don't see lenders adding STR revenue to the actual property valuation in the future.

The first step is talking to a lender and getting pre-qualified.

However, they will certainly require you to jump through more hoops compared to private and hard money lenders. 

When my business partner and I were still flipping we bought a couple through Auction.com and we always used a private money lender to fund those and our other flips. 

Since you are on the Austin forum and stated you are from Texas, I would be happy to get on a phone call or have coffee with you to help you focus on the task ahead.However, let me remind you, I am neither a real estate agent, or lender.  

You may be far better off structuring it as him being your lender (as opposed to a partner) or, alternatively and likely less attractive, you being his contractor.Part 2.

i wouldn't tell you where you should move since i don't know you.also, a lender would be in the best position to advise whether you qualify for a specific loan.