I get about an 85% hit rate.

The number usually varies from 10-20% depending on credit score, property analysis, etc.Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.Once the property is ready you can sell it or if you want to keep the property as a long term investment, you can underwrite the loan based on your income /debt to income (DTI) ratios or you can go the DSCR route where the loan is underwritten based on the actual or market rents from the appraisal.DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

I am hoping to use a local credit union to get a better rate + pament terms.for capex/vacancy etc. what %tage of my monthly rent should I take into account?

At your income rate your rental income could be tax free but not deductible against your regular income. 

.), income, cashflow, debt, DTI, equity, property appreciation, rent appreciation, mortgage paydown & amortization, rate of net worth growth, cost of living increases, hours worked per week, cash on hand, etc, etc. 

We locked in our first guest for $2,600/month, so that is already more than the previous LTR rates combined.

Rates are usually better with LLCs, and given the liability protection, LLCs are probably a better choice.

I could put a mortgage on the property, I was quoted 60% LTV with 8% rate amortized over 15 years.

I am also wondering about vacancy rates in general in the Memphis area.

Hey @Yelena Korshak, well I am not an expert on AirBNB's way of ranking and rating.