Based on my limited but very positive experience I am recommending the pm be Janice KemmerBuying a property off mls and turning it into a top producing rental takes a lot expense, risk, and work.

So short term rentals can be a great strategy, but be sure to weigh the risks with the rewards based upon the location you choose.

I would personally not risk that much cash on that small of a return.

I'm somewhat risk averse (my philosophy is kind of slow and steady saving, and seize the best cash flow opportunity with a cash purchase).

Or is having multiple people sign a mortgage agreement (even if one has bad credit) always seen as a lower risk by lenders?

You risk the possibility of the tenant leaving all their junk behind if not.

But keep in mind, whenever you refinance, you incur costs and risk.

My thinking is 3 low incomes is better than 1 low income and can get this off the ground a lot faster & also minimize risk.

It would be a waste for you to dissolve it and create a new one in the future.Whether or not you should create an LLC depends on your net worth, risk exposure, and risk appetite. 

You can perhaps partner with someone (via equity position) in the property purchase to mitigate risk and liabilities.