If the percentage rule applies my down payment would $6500.

Such services should include:- Creating enticing market listings and ads promoting the property at its best for high demand- Rental market expertise to provide recommended rent amounts for your property's market without recommending an inflated rent amount scaring away potential tenants or recommending a deflated rent amount causing less of a return monthly- Physically showing the home to potential tenants- Collecting/depositing monthly rents and bill paying- Vetting/screening applying tenants or managing non-paying/troublemaking tenants- Resolving maintenance repairs by hiring professionals to care for your investment- Turning your investment property move-outs quickly for new tenant placementLook for all of the above listed services and more when researching property management companies to receive the most return on investment!

How are you applying it to STRs?

That way you are applying the same process to everyone, which avoids problems later.  

@Joe Splitrock, If @Jason Barton converts his replacement property to primary residence at some point the following criteria will apply.1.

The same applies to a Conventional purchase classified as investment.

I rent out 4 of the 5 bedrooms here and live in the 5th.Lets say I want to go get an apartment/studio in order to increase my productivity and eliminate distractions, and rent out my 5th bedroom.Let's say I want to sell the house at any time within the following 24 months.The 2 out of 5 year rule still applies right? 

Before getting into full design and costing, does anyone have any rule of thumb cost guidance to apply?

Either the tenants or the owner need to apply.

I recently read the book “Investing in Real Estate with no and low money down” by Brandon Turner and one question I had about syndications is I know the limited partners generally pay for the down payment and different fees but in terms of the loan itself from the bank do the general partners apply for that as a business loan?