@Diana Dorantes, do you mind if I ask how much JMR Holdings charges for the management fee?

., which are around 1.75% of the purchase price.If you charge an acquisition fee, you will need to raise that too.The 10% liquidity doesn't need to be raised.

If caused by tenant, they well be charged for the work. 

See if anyone else is doing Air BNB and what they're charging, so you are dealing with reality when making your projections.

Cant most of these headaches be avoided by buying properties is nicer neighborhoods and charging more for rent?

This house is the only 5 bedroom in the immediate area, so should I expect to charge rent at the high end of the spectrum?

Here is the FNMA guidelines (my loan is conventional).

Financing for up to a 4 unit property can still be done with the best rates and conventional financing programs.

It's from Vancouver but they may be able to pass on a referral in your area.Final question - when you say rental income - do you mean living in the house while you do renovations and house hacking (charging someone to share the house or rent a room) - or do you mean renting it out after renovations? 

Most of them don't charge a yearly fee.