Purchase price: $215,000 Cash invested: $12,000 SFR in high demand rental area, 3 bed/2 ba, adding 4th bedroom.

Are there any restrictions on STR/Vacation Rentals and is there demand in your area?

This will impact last-minute demand for rentals though as many people will choose to not attend, I am concerned our houses that are not yet booked won't get booked, or will get booked at way below usual rates.

Ridiculous from my perspective.My properties are in NJ, but my mortgagee is in MI.I'm under the impression, a mortgagee can legally only demand the mortgage amount is reflected in the coverage. 

In no particular order I have listed some of the most popular markets for out of state investorsCincinnati, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiEach of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio.

I know for sure they have average DOM for all zip codes and I've seen them give a snapshot of turnover by city before, but not 100% they have that info on demand.

Secondly, tenants can make wild claims about their labor and demand pay.

You can either negotiate the deal to a position where the numbers work for you, or you can walk away if this puppy needs open heart surgery (apologizes in advance to animal lovers for the analogy with the puppy).

I think it boils down to supply / demand for housing but, nevertheless, I'm sure there is a lower limit on what return investors will accept.

While broader economic conditions might point to a flattening or slowing in national demand, we're just not seeing that here in Metro Orlando.