That is correct @J Scott as my entire business model is based off your books.  

My BUSINESS is real estate syndication (primarily notes we originate or purchase, but also property).  

And I may be able to get higher line on business. 

To summarize, STR is not dead to the ones that treat it like a business. 

In other words, how would I calculate the return (from a purely financial standpoint) of "investing" in a primary residence vs renting and putting the money elsewhere (perhaps even into an investment property, but also considering buying a business)? 

Anyone looking to connect, chat, and see how we can help each other's business i'd love to meet up!

A tenant in place can be a good or bad thing......depending on the tenant. 

It's not necessarily that you're considered a riskier borrower per se, it'll depend on whether that STR is reported to your personal credit and included in your DTI and/or whether you need to count the income from the STR to qualify for the primary residence.

going to depend on age of house how extensive updates, etc, etc, etc, there is no short cut number that will work 

Do NOT do business with him.