I have also heard some interesting stories about S8 renters- what is the real catch on this? 

Live in the Columbus Ohio area.  

I am using HML now but it is hard to do a Full BRRRR because at least with the last one I still left $14,000 into the property plus since I tried selling first I had $10,000 in holding costs over the 6 months it took in rehab and 3 months of it sitting unsold on the market until I decided to rent it.

Consider saving the 40-60k and maybe just spend a little extra on cozying up the place and making it more attractive. 

One of the partners is Argentinian.Will send you a message.

Quote from @Marcellis Mosby:I would bring the contractor with me on that viewing to get the full bid..

Check out the BP's Real Estate Events & Happenings area as there's an event this week which will be covering the topic in Tampa, for Tampa region.

In the Bay Area, most HOAs actively restrict less-than 30 days rentals in CC&Rs, and can have % rental caps on units which may make MTRs difficult. 

Property to purchase would be a STR at $240,000 - so we would need the 20% down payment and we are looking at different options as the source of the funds.

When I got given this opportunity and talked to the seller he really just wanted to help me out and get me started.