Number of bedrooms is not as important as sleeping capacity There is no exception to Rule #1 If necessary, you can make exceptions to rules 2 through 4. 

Lesson learned on going into business without exit plans, I guess...For reasons out of scope here, I just filed my 2021 taxes and the IRS hit me with a $30k capital gains bill (not including interest or penalties).

There are cons with condos however, including HOAs, less likely to appreciate, etc.

Consider the diverse financing options available, including 30-year mortgages, fixs & flips, cash-outs refinance, ground-up constructions, And commercial properties?.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

I would opt for including a desk in the second bedroom.

Lol, ozone machines are great, but chain smoking in a house is a carpet, pad, seal coat on the subfloor, full paint including ceilings and at that point you may be good.

Full documentation to qualify, including employment history, income and DTI. 3.)

There are a few rules that come into play for short term rentals, including a time test, and a substantial services test. 

Don't wait for the perfect deal to come up, the most important thing is to get started.