I have a plumber who made $700k net last year between him and his father, they put all that money either in a high yield savings account or put it back to their business.

If I didn't want any more rentals (or had no more borrowing power as I was maxed out), I'd still probably save that money as I can earn more off interest in a savings account than I'd save in interest as my mortgages currently have low interest rates. 

If they are going to be there post closing, at minimum have your agent do a final walk and take photos and video as you will now be the landlord and responsible to hold them accountable for any damage, so document.Once you get it up as a STR, you should go at least once a quarter to make sure cleaners are doing a great job and make any needed repairs or adjustments.

If that is the case, i would not recommend trying to "add your wife's name to the account" if she's not on the bank account.

I'm with a brokerage that specializes in single family and small multifamily and have personally house hacked twice in Reno. 

So, unfortunately, you're likely to pay close to 20-25% on the $400,000 (based on my loose math here -- please check this with an accountant who is familiar with Idaho).

I would say that cleaners are the single most important thing for my STR's. 

That way you can bypass a bridge loan.I have borrowed $50k from my father to float some of the purchase of a Dental practice my wife owns...we simply pay into an account that we use to periodically pay him back lumps sums.

 Hi Angie, the unit already has a property mgmt firm and I accounted that in the cash flow.

Think BP calculator x1000 everyday, so investors can sort the best options every day without having to underwrite every single one.