Alternatively, you could explore private money lenders or partnerships that might provide more flexible funding options.

Beyond BP, there is a lot of confusion in the accounting community as well but the same rules have been in existence for quite a while and often were not studied since STRs have never been so popular. 

In my experience, underwriting single family home rentals in California typically results in sub-4% unleveraged returns, which is awful given the alternatives. 

Cap rate was still decent when I sold it, even at its updated value, versus alternatives.

Alternatively, if you're wanting to do something more aggressive, you could consider a balanced fund, such as Vanguard's LifeStrategy Income Fund (VASIX), which is 20% Stocks / 80% Bonds.

Yes, they should be happy to do it and yes, you'll have to find alternative solutions for the buy and rehab.

Here in Michigan, it’s not as easy, so I’m exploring alternatives.

Return should always be thought of in the context of alternatives with regard to risk.

Scotiabank is the most popular bank in DR for foreign buyers. 

Alternatively, anyone know of any genuine private lenders that are open to this?