But your first step should be to get a pre-approval letter from a lender.

Its a step further than a pre-approval in which only the loan officer looks at your docs. 

Do you have a pre-approval yet (it will be higher than it is for a single-family home)?

The hard part of course is guessing what your exact interest rate (APR) would be ahead of time along with your closing costs and monthly insurance and property tax rates (if these collected/held in escrow) These items  can vary quite a bit between lenders.

I once got a variable rate loan converted to a fixed rate 3 year loan, because that was the lowest APR option they offered.

Like here in Colorado, many of the ski towns are placing restrictions on Airbnb, and most cities like Denver and Colorado Springs prohibit STRs in investment properties, but there are cities in the Denver metro (but not the actual city of Denver) that allow for this, as well as many unincorporated County areas where you find mountain homes.Whatever you decide, I wish you luck.

Fees are so much higher with these types of loans that you need to look at the APY vs the APR and compare to a commercial lender.

@Jeyo Punnakottil I do something similar to what what @Jared Garrison mentioned and have a pre-screening form.

Conventional are usually much lower APR and a good way to start out (but you need commercial if you want your LLC to own the property/etc.) - if you go through big banks you get the people we are not used to dealing w/ investors and may refer you to the wrong places - good options for conventional for investment properties are Finance of America, and if you want to go commercial - Lima One.

SO I purchased more STR's: -August 2019: first ski condo (2/2). $95K.