A common strategy I see with diversification exchanges, is that the investor will purchase the first property cash and the second with a mortgage.

You're reading a 10 chapter book and tryin to skip the first 4. 

No problem with down payment but will need conventional load which is not a problem as I have been pre approved many times just did not find right property.

Quote from @Raghavendra Pillappa: Quote from @Sameul Ahsan: My first question is: Do you need to register your short-term rental in that town or city?

I’ve worked with several first-time investors, including out-of-state buyers like yourself, and it’s 100% possible to build a successful short-term rental (STR) business even when you’re managing remotely.

I first started out in Real Estate by house hacking in college. 

I am of the opinion that cash flow underwriting comes second, after first nailing the long term deal fundamentals, how strong is the equity upside and market generally speaking. 

I have a BP member client who has purchased two oceanfront units there so far and another client of mine is scheduled to close on her first one later this month. 

For the time being, might as well get a mortgage in one person's name.Best of luck.

But the 50% op ex ratio will be close enough for first pass.