If anything, I’ll be coming a little out of pocket to rent it to set money aside for repairs. 

. $10k for services.  

@Jack LittleThere are standard templates from Fannie Mae but I would have an attorney draft these documentsThey can be held (the lender) through a deferred retirement account but make sure you are using a third party servicer to collect payments

I would look into a DSCR loan option it will require 15-25% down depending on the lender but it's based off the asset and if it debt services rather than based off the individual. 

That said, an analysis should still be done on all repair/improvement expenses pais after the in-service date to determine the correct classification (repair or capital improvement).

If anything, some of these "tax benefits" causes everybody headaches because they have to pay them back if/when they sell --- its tax deferred...Oh, and you may get the "cash flow up" after 10-12 years, but that might be after some capex and usually some repairs. 

NO tenants, no repairs, no closing costs, no rent control just passive income for putting your money in a CD. 

Also I am having more and more difficulty finding insurance companies service STRs.My agent recommended a visitor covering option to my regular insurance.

It's also wise to budget for unexpected repairs or delays.

It was truly a white glove service from selection of the home, to finding a lender, to finding appraisers/inspections/ins agent etc.