There are definitely pros and cons to each so I figured I would just lay out a few benefits and personal thoughts: Small banks/brokerages:Pros:- Some regional knowledge of the market- Possibility of more creative lending guidelines with bank specific programs- Sometimes they have competitive rates for their areaCons: - weak balance sheet (more strict on some guidelines, no wiggle room, inability to be flexible or grant exceptions because they cannot afford to hold less than perfect loans)- Can't scale with clients to different markets- Usually limits exposure to individual investors (they don't want one investor to be too big of a portion of their balance sheet)- Lack of experience with multiple solutions (tend to have 2 or 3 loan products they sell and are too niche to provide tailored solutions)Large banks/brokerages:Pros:- Large compliance departments that understand individual market guidelines (typically each state has specific lending guidelines that augment the national baseline)- Ability to scale into multiple markets with same lender (licensed in many states)- Impossible for individual investors to "outgrow" a large bank's balance sheet (not concerned with one investor's concentration)- More lending solutions available for different scenarios- Often comparable or better rates given the game is volume basedCons:- Can be more difficult to get fast responses if the bank/brokerage does not have good follow up systems in place (or if the underwriting/processing staff gets overwhelmed)- Bad large banks can feel less like a relationship and more like a cog in a factory (less personal)Overall, I have worked from both and worked with both as a loan officer, branch manager, and as an investor/client myself. 

It will be VERY interesting to see how these three factors influence existing home sales over the next 3 months:Seasonal slowdown (-)Mortgage rates dropping (+)Buyers potentially paying their own buy-side brokerage commissions (-)Average Number of Offers Received per SaleThe average home sold in July 2024 had 2.7 offers, down slightly from 2.9 in June 2024, and well below 3.0 in July 2023.

FF really only does well with medical professionals on travel contracts - so if your property is affordable and near a hospital it would do well, otherwise usually crickets - at least here in FL. 

From my 6 years of living in USA, my observation, I have realized that in American norms, parents' well-being in not their kids' responsibility.

While I'm also looking around, I figured I might as well ask the nice folks on BP.If you have a broker you love or a policy you've used before, would you mind sharing that info?

Well you'd be wrong again.

I've read (all my knowledge is theoretical) that tenants on government assistance can be really rough on properties (I also see that as painting with a broad brush) but the government assistance side of that is pretty stable income, and it doesn't seem terribly difficult to raise rent either, just requires 60-days notice instead of 30. 

Well done again Michael!

I purchased this home back in 2020 knowing full well that eventually it would require a good bit of rehabbing.

If you can't satisfy this 3 point test, there's significant risk associated with pursuing an STR strategy no matter how well the project underwrites today.