Honestly, the strategy in my opinion is still pure speculation and bets on the fact that home prices will keep rising.

I use excel, pure and simple.

I already own and rent out 1 house, a 300K, 4 bed 2.5 bath generating about 1900/mo @ $220 "profit" (nowhere near the 1% rule)  - I rented this house purely as a means to purchase a better home, and as a necessity to forgo a contingency when buying.....Fast forward to now, with my 401K proceeds, this summer I bought 2 more homes, here is the breakdown;Home #2 ,  a 1947 Puyallup home,  3bd/1ba nicely completely remodeled w a Olympic mtn view and close to everything , Paid 250K w 20% down, payment ~$1300 @ $1850/mo $550 profit (not 1%)Home #3, A 1908 Tacoma House w peekaboo ocean view, 3bd, 1ba remodeled in a gentrifying area, paid 185K w 25% down - payment $950, rented @ $1750/mo $800 profit (not 1% either)both houses were long term flips by the seller and I bought them turn key, The market here is red hot and I was lucky to get each house, most everything on my interest list sells within 1 to 5 days, I go in with the down payment and waive inspection to get the deal. 

The developer's fee is quite literally a fee (or "bonus") if you will that is eligible as part of a LIHTC transaction at time of initial closing.You would not be eligible for a developer's fee purely due to a loan assumption.

Many times I experience trouble with remote key as they require new battery every few weeks.

Remotelocks.com to monitor locks, battery level, and update entry codes.

If you are looking for a pure STR property run truly as a investment property, you will probably be looking more towards a 20% down minimum

Vesting the property in an LLC is purely for the additional liability protection but you are always on the hook with the bank on the loan.

@Justin Wotton the obvious difference is that your have to put a lot more down to buy a property as a pure investment.

If you were thinking that you could use an FHA loan on a rental which is a pure investment property, that is not allowed.