Looking at the Fannie Mae website, I found the following requirements:Cash-out refinance transactions must meet the following requirements: The transaction must be used to pay off existing mortgages by obtaining a new first mortgage secured by the same property or be a new mortgage on a property that does not have a mortgage lien against it.Properties listed for sale in the six months preceding the disbursement date of the new mortgage loan are limited to 70% LTV, CLTV, and HCLTV ratios (or less if mandated by the specific product, occupancy, or property type – for example, 65% for manufactured homes).Note: Properties that were listed for sale must have been taken off the market on or before the disbursement date of the new mortgage loan.The property must have been purchased (or acquired) by the borrower at least six months prior to the disbursement date of the new mortgage loan except for the following: There is no waiting period if the lender documents that the borrower acquired the property through an inheritance or was legally awarded the property (divorce, separation, or dissolution of a domestic partnership).

So maybe at the end of a transaction the agent who procured the deal might only walk away with enough to pay their car payment for the month or whatever.

If you're just starting out as a STR owner, you want to make sure your photos rock, you're providing everything that you have in your own home and make sure your guests are aware of it, charge lower rates at first, then after you have some positive reviews, start to raise them slowly.  

This is not for Section 8 or for a lower income market.

The 2nd home was appraised for much lower than it was being sold for and the sellers wouldn't budge, so we walked away from that deal.   

The lower you rate the harder a rep has to work to find products to match your qualifications.  

Of course, the landlord can contract the work out to the student, but that's on a separate contract.I've read stories of tenants that negotiated for lower rent in exchange for snow/lawn duties, then called up the landlord and demanded that they do it.

Dawn--I've read and heard a lot as I've been doing my own research that there are few rental vacancies and rentals are needed in Medford, sounds like especially lower rents.While rentals seem to be needed, I've read a few articles in the last several months that have highlighted the large number of abandoned or unoccupied out-of-state owned homes in the area, and family members and friends have colloquially reported the same.

And the ltv is going to be lower etc, but the rate will still be way better than what you are getting on the commercial I'm guessing.

In my assessment, I have realized that I need a transactional real estate attorney, someone who charges a flat rate for closings, etc.