Every STR is a risk, but you mitigate it with the data.Have you looked into builders to get an idea of cost?

With risk their comes reward so knowing your stuff and having experts in your corner mitigate that.

They can provide valuable insights and help mitigate potential issues.

Acquisitions team, renovation crews (fully licensed and insured), Property Management, and a Real Estate Investment Brokerage in case you ever decide to sell.By teaming up with a solid firm you can mitigate your risk and have some "boots on the ground" that have your best interest in mind.Also, I see a lot of 1st time investors buying in C neighborhoods.... this can be very risky!

The only difference would be the higher debt burden of $230 from the HELOC loan, which my day job would easily cover multiples of (plus other short term financing options I would have available in the unlikely event they would be required).I also believe this concern to be mitigated by the other months that there IS no vacancy, maintenance, etc.  

There’s a bit of a learning curve when you own your first deal and being close by helps mitigate potential risks.

You have the opportunity to use 3-5% down financing , live in the unit, HOUSE HACK while you are living there to mitigate your expenses while you are living there, and then hopefully have $100-$200 cash flow once you move out.  

By finding great deals you mitigate some of your risk.

I'll probably have a blended cost of money around 5%.Your warning points A -E are a good checklist, and I have a decent mitigation for some:A. 50%: I'm considering managing them myself (I already manage 7 properties while working full time) but in case I'm not able to handle the volume I've built into the expenses 10% for professional management and through my network I'll work hard to find a reputable company with good references.B.

A property manager or "co-host" can not mitigate things that need the owners attention.