You'll have higher out of pocket costs for inspections and appraisal on 5+ units, LTV typically doesn't go as high, many lenders require a 70%+ occupancy rate.

My understanding is Oklahoma law requires a 15 day notice to quit for damage and a five day notice to quit for failure to pay rent.

As John said above me, it is more of an active investment and requires more of your time unless you want to hire a property manager.

Also, banks are lending with lower leverage which means investors are required to bring more cash to the table to close.

Is mediation required?

@Matthew BanksLeadership and systems are required for scaling.

Something else to consider is your current financial position as construction/renovations requires capital. 

Thank You For a project of this nature, you're also going to need and Architect & Engineer on board for filing, permitting and required inspection... along with a slew of other things to be aware of.

Ability to post vacancies in the softwareI found that Innago was the only one to meet all these requirements.

Just as there are no requirements to use a short term rental license agreement there are also no requirements to not use them.If you are talking str where the STR is illegal then I agree.