My sister has a tiny fishing cottage on a little lake Papakeechie and she is booked solid from April to October every year. 

The formula used above is a solid rule of thumb. 

I started off with a duplex in 2020 and now have a solid portfolio of rentals with my partner.

@Eric Le Yes that would be a solid investment, I like that FHA and 203k loans only require 3.5% down.

Any advice or responses are much appreciated.

Kicking off your BRRRR journey is an exciting step, and it sounds like you've got a solid base with your current rental.

From my perspective, you are acting responsibly by wanting to have your contractor inspect the property before finalizing the deal.

You’d hold the seller responsible… 

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For short-term rentals, the same would likely apply, assuming you offer what others don't AND you have a reliable way of screening for animals that cause excess trouble/mess OR pet owners who are not responsible.