Whenever I speak to a group of students interested in real estate, I always stress the importance of networking and simply asking people to coffee.

If you think you have average intelligence and a general hard working person, for non luxury STRs (competing with 3 star or below hotels in the area for average people who simply need a bed and a kitchen) I would use 60% occupancy rate to start in the beginning and then 80% after stabilization.

I have dozens of clients doing this in New Jersey most of which come from no construction background, they simply use preferred vendors we have in place (not GC's) which lowers renovations cost because there is no middle man. 

Some of the comments above are simply ignorant to what lenders allow and don't.  501c3 falls in the same area as non-recourse loans for the most part. 

And compare that to simply refinancing.

If you plan to do multifamily in the "Far" suburbs it can be harder to hit your cashflow targets VS city/near burbs simply because there is limited inventory. 

The reasons they identified will not impress the judge and you will win as long as you followed the proper procedures.There is no way to ensure that they won't damage the property, but you have recourse if they do.

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Concealed carry is a Win Win.

I know cash flow can be challenging in Texas but if you are anywhere near break even it's a win as long as you're in a good area because values are only doing one thing over time in that DFW metro.