And thanks, I'm trying my best to do all my due diligence beforehand to make a great decision on this first investment property.

For me, it wasn't so much a decision of "whether or not to buy cheap distressed houses", so much as it was an issue of "whether or not to begin investing in real estate." 

They have a high sense of entitlement along with a poor me attitude.They are a handful and a full time job to manage. 

The only national bank we have encountered that has made a business decision not to hold such trust accounts is Chase.The issue is that it will be your responsibility to educate your banker on what you need. 

I'm planning on interviewing with a few more offices before I make my decision.

Then I use this data to make a more informed decision on where I buy, how to furnish it and market the unit.I don't know the local laws in the Twin Cities, but it is import to learn the local regulations if there are some, and fully understand the local sentiment towards short term rentals and if it will potentially change.

However, operational loss to lease would be any reasons rents are not at market due to poor management of the property.

The right business decision is to put every tenant to full market and clean house.

Their communication was poor and they expensed things without checking with us first.

None of that will eliminate risk, that would be impossible, but it goes a long way toward making an informed decision.