At this point, a small contract can be initiated for them to do all your due-diligence and background research on the site. 

Any recommendations or anyone out there that enjoys helping new investors get started, even if its just a few initial conversations ?

If it’s not in a non-primary residence STR-friendly city, you can convert the property to a long-term rental and still cash flow if you run your numbers right when initially analyzing the property, but you will have maximized your return during the time you spent living there, helping to set you up for your next deal.If you have any thoughts or questions about STRs, I’d love to hear from you!

This was not bought initially as an investment but seeing what the home could bring in the area its in made us very confident in it's future ability to give us a return.

I was thinking more from a market research perspective, initial due diligence.

Now that I've subtracted it, the Cap rate is no longer enticing, it shows about 5% and Cash flow/Initial investment is 4%.

Hi Jacob, Having a few initial screening metrics can help filter and vet potential markets.

In my mind, this will make it difficult for me to make a case of keeping their initial deposit if the unit is trashed.My thoughts were to slightly increase rents 3% - 5% and have them complete a conditions report prior to renewing a 1-year lease.

The loan requires that a GC give an initial bid for the work and then also sign off at the end that the work was done satisfactorily.

Usually it's a hybrid product with an initial 10 year interest only period and then a 30 year fixed from there.