What attracted me to this property was the prospect of it being relatively turnkey, but upon discovering that the foundation was a problem, I just rolled up my sleeves and reevaluated my numbers.

You also have to pay for the standard Taxes and Insurance, but with a STR utilities are in your name, Internet, likely some type of video service (Netflix, Hulu, Sling).  

I've recently discovered that my home falls into the new zoning for USDA Loans and my income meets the eligibility (I make roughly $77,000/yr and will be getting a sizable raise to $105,000 around August due to a restructuring at work).  

@Sol Romand in regards to the insurance, most of the standard market carriers will not be interested. 

Residents will assume a personal ownership of their unit and have their own opinions, schedules, cleanliness standards and ideal ease of use of the space they rent each month.

If you are putting in mid-level finishes, such as laminate countertops, don't use a comp with high-end finishes such as quartz countertops.Step 5 - What you choose as your target acquisition cost formula depends on your and your business model and is not an industry standard. 

@Paul Lowder Great set up so far, and you're right, that 15% down for a duplex is pretty standard for a conventional loan. 

If you are a US citizen then there shouldn't be too many issues as it is standard non-owner occupied loan.

@Sean Thomas a standard conventional Fannie/Freddie primary home loan for a 2-4 unit is 15% down. 

We've even had Section 8 tenants w/ 700+ credit scores- The checks keep rolling inIf a property is in a mobility area Section 8 will pay 13 months rent on a 12-month leaseWe don't have to reduce our standards to accept a tenant that uses a voucherNot a fan of this for social reasons but because we don't reduce our standards there are many good tenants who stay in the program for a long time and the checks keep rolling inCons of Section 8Section 8 administration is an example of how not to run a business.