@Keaton SmithYou might want to get a soft pre qualify for the loan financing through a few different banks (for you as the borrower) if your planning on conventional financing/refinancing.

These can be tricky areas to invest in as they tend to bubble and the market goes soft when a ton of investors get in... this just happened in Fountain Square and Bates-Hendricks over the last couple of years.

I'm looking at my first deal and my broker is telling me the deal makes sense , even though it's cash flow negative... he says (and I agree, with some reservations) it makes sense from an appreciation standpoint.

It...

One thing I heard a few times is there are so many new developments in areas such as the Carolina's that the rental market can get soft fast. 

Reputable lender who is easy to work with on front-end & also on an ongoing basis during servicing - no bait & switch soft quote then change terms, no loan to own type outfits/predatory loan docs, streamlined annual reporting, etc. 2. low long term rate (preferably 30 yr locked fully amortizing), 3. ability to harvest some built-up equity w/cash out (not necessarily max this out would run numbers on various scenarios), 4. then several other secondary-level type terms to consider in overall picture: competitive upfront fees/closing costs, pre-payment penalty length/terms, recourse/non-recourse, assumable/not assumable, max LTV, desktop vs full appraisals, etc. 

That, coupled with soft wood in places, etc.

A sharp colleague of mine calls it a “soft pass”Working towards their motivation is the key to understanding why the price is what it is. 

You can spin it as a way to save taxes, or a better investment than they could get in the stock market (or whatever else they were going to do with the money), or a way to keep getting income from the property without any management hassles.Seller financing is a great example of the principle that you won't get something if you don't ask, but as with most things a soft sell is usually a better approach.

You need to be prepared to communicate with guests regularly, coordinate cleanings, make sure the house is stocked with clean sheets, towels, toilet paper, paper towels etc. 

@Charlie -- don't forget furniture and extra bedding as well as toiletries and paper products (napkins, paper towels, etc).A recent article or two ---http://www.startribune.com/st-paul-considers-regul...http://www.fox9.com/news/117418571-storyMy worry of investing a city that hasn't taken the issue head on (with updated policy) is that, any day, the city council can enforce a rule like -- only being able to rent for 30-60 days a year or the minimum rental is 30 days.