Presently my 10 bed facility (opened in July 2019) reached a milestone last Friday by being 100% occupied!

For example, I often see Buyers purchase property thinking there is a $1,000 deposit but then the tenant claims it was $2,000 because they paid the last month's rent.

It would be a long term rental.

As long as it is the same or higher, typically you are fine.

The population has been growing here year over year over the last decade, it is home to The Ohio State University which has over 50,000 students that live here along with those that visit, and it also holds a diverse range of young professionals and traveling nurses to fill the demand of the multiple business corporations and hospitals stationed here.

Hi Shrijan,Welcome to the forum.Personally, I'm not a fan of out of state BRRRR.On paper it all sounds good and great but I've been in the game long enough to have witnessed otherwise.I would always advise doing BRRRR in your own market if possible.There are too many links to a chain with this approach and if one link is faulty, you chain becomes useless.Otherwise, (Yes, I'm bias lol) an alternate solution is buying turnkey.Wishing you much success 

As you can guess, they have been there for a very long time now ( almost 5 years as I heard ). 

Lastly, the comment above that Scott made about business plans: I don't think we really considered business plans until we had a handful of houses.

The intent to buy, rehab and sell immediately after it is rehabbed.There is no intent to hold it as a long-term investment2.

If you can manage it, you can keep buying a SFR every year with a low down payment product like this so long as you are willing and able to move into them for a year.