Rates will be in the 5's right now.

This program is also winning on our weekly interest rate survey at the moment.Here is an example of a loan summary put together for a client last week.

There are markets that are very saturated with STR and with vry bloated prices and high interest rates it could be impossible to turn a profit at all. 

@Jon Thomson You didn’t mention what your current mortgage rate was but no sense paying down or paying off a low rate mortgage just to then borrow from the same property at a much higher rate.

Looking to get into my first STR in the next few months out in the Knoxville/Oak Ridge/Gatlinburg area(s)....I understand getting average daily rates, occupany rates, mortgage, saving for maintenance/CapEx.

From what I quickly read in the link above, seems like you just need to have a bank account that is govt insured and earning interest, doesnt have to have the tenants name on it, but you need to inform the tenant of account and rate the account is receiving. 

So if they pay more it is not that they pay over market rate.

So the point of this is that what often occurs is that in the year that you close on your purchase you start out at the seller's old property tax rate.  

I’m sure audit rate on this has to be astronomical and just need good records?  

It requires the borrower has significant experience and is very costly (in terms of rates/origination)It's generally really risky to do 100% financing especially if you are inexperienced.