The 1% "rule" is not a rule, it was a simple guideline that was supposed to help do a quick initial vetting of a deal.

There are guidelines and guardrails, but a challenging deal can have positives and a golden deal can have issues below the surface.

ANDAt least 5% ownerYou might want to check out this thread with sample REPS Log / Activity tracker that meets IRS guidelines https://www.biggerpockets.com/forums/51/topics/816680-real-e... 

Here's how to handle your situation for tax purposes based on IRS guidelines:1.

Non-recommended) do the Cost Seg.

You'll have more flexibility with non-traditional lenders, traditional will all follow the same Fannie/Freddie guidelines.

DSCR loan guidelines vary from lender to lender.

What books would you recommend for someone who’s just starting out?

One key he found was mixing a welcoming atmosphere with firm guidelines.. it typically falls under standard tenant landlord laws for eviction.. so you’ll want to double-check local regulations.You mentioned Furnished Finders and Padslipt.com.. from what I’ve heard, those can be great if you’re targeting traveling professionals or short term visitors.

Kiavi does a good job with a lot of things, but they tend to be a bit more "vanilla" and stick to their guidelines/checklists.