The benefit of this to me is an expiration of my procrastination, beginning my REI career now as opposed to waiting, learning about REI with minimal risk, being able to include repair costs to the loan, no closing costs, fair yet improving credit.

The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money.

My pitch was that we could make enough cash with the rental to pay for our vacations.

It is very pitch heavy, and I am unconvinced by the pitch. 

I was slated to have a speaker for our January meeting who teaches a STR course - she was going to basically give an abridged version of her course and get the opportunity to pitch the full course for those who were interested - and she fell through.

Don't overanalyze it, take advantage of the FHA loan with minimal down and ensure your tenant will cover the majority/if not all of your mortgage while living in the property. 

I want to find an excellent CPA and attorney to help me minimize taxes and set up my asset protection structure. 

And some have a minimal cashflow in areas outside Seattle.

PM me if you want to know some ways to minimize your risk.

Cost is minimal.