Most lenders will have clauses that allow them to modify the terms, freeze, or even call or convert the line if certain events occur, to include ambiguous events like changes in personal financial circumstances.

I am very familiar with home sales, having moved 5 times and bought and sold 6 personal houses. 

200 nights per year is $20k, so a 5 year payback (looked at simply of course).Then also, would it add to your family's personal enjoyment?

That's because a lot of things that "work" when tested can't handle the load of people living there and using them consistently and so they fail quickly.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

I personally wouldn't buy anything that isn't already a permitted STR because I wouldn't want to go through all the steps to make sure it is ready.

I'm not a horse person, but think about what a great setup for a someone with horses would be and curtail the sites for your target guest.

They wouldnt do the deal because I don't own my primary residence.... seems odd to not lend on a 1.4 DSCR property700+ creditI've been a landlord for 6 yearsThis is my second BRRRRMake $100k per year.I dont own my own residence because I moved from Pa. to Fl. and am renting until I find an area to live more permanently.Luckily the asset and my personal finances were enough for other "asset based" lenders to do the deal, and Lending one lost out on future deals.

If you have a multi-family property, then you have to figure out how to make the tenants share the responsibility or you hire someone to handle it for them.You have to consider insulation, maintenance of weather stripping on doors and windows, servicing the boiler/furnace, winterizing sprinkler systems, disconnecting garden hoses from hose bibs, and much more.It's very risky to manage rentals from a distance.

I personally have each of my properties setup in their own LLCs (no biz license required where I am at) and then have a personal liability policy to cover myself as an individual in case someone got through the LLC wall.