So a smart way to look at it is to calculate 20%-30% of the purchase & rehab amounts from you, plus have 6-8 months payment reserves in either a bank account of a retirement account (as the lender wants to know that you have an emergency resource for payments if needed).Many rehab lenders can supply a sort of pre-approval to you so that you have an idea of what they will extend so you can formulate a game plan accordingly and target potential properties.

It's been going OK so far; we've had to put money into it for August and will as well for September, but that's mainly startup costs to get it going (initial landscaping, big cleaning services upfront, stocking supplies).

Supply and demand....

I was wondering if I should purchase a house with ample amount of bedrooms to use as Airbnb or get a Multi-family and rent long term?

I would also supply the paint that way you have control over the type of paint and the colour (you can give them a few pre-selected options for colour).

It's simple supply and demand, the supply is the same, a 2 bedroom condo is a 2 bedroom condo but the demand is different since not everyone can get financing on a non FHA approved association.

Home affordability in your area should definitely be something to consider, however, also evaluate if there is enough supply compared to the demand—and if the area is desirable. 

Good rentals are in short supply.

We know we’ll need to furnish it as well as supply cable and internet, and that we’ll have to find a service to “flip” it between a guests.

Extremely loose lending guidelines, 2. the money supply that was in the market at the time, and 3. over construction of new housing.