That eliminates any kind of zoning/ STR permit requirement, making the whole thing easier to accomplish, and opening up the entire region to you!

If I do buy my first rental property, I'm thinking of putting only 3.5% down instead of 20% in order to have some extra cash on hand for an emergency.I'd step back and do some more research and talk with a few lenders before doing anything to make sure you can accomplish your goals.

I will share to the group, whatever we have accomplished for the year to inspire some of you to do the same.

And, you accomplish that by giving the tenant plenty of notice. 

If the ‘return on cost’ is not as substantial - maybe 5.5% then it’s not going to drastically pull up my overall yield on the property and I most likely wouldn’t want to go through the headache and time of accomplishing the renovation. 

What are you trying to accomplish

There are times to put a single digit yield into your portfolio based upon the raw dollar discount and based upon what you want to accomplish, but that note better be rock soIid in quality of borrower equity and borrower performance. 

If you require employment verification of all applicants, and that cannot be accomplished, there's nothing to discuss. 

Any advise on where I can find out the steps of getting it accomplished?

Meetups and community events can be a great way to remember you're not an island and to rejuvenate your excitement for what you want to accomplish.