I'd be interested to hear what you find out. Let

What happens if you have a unexpected repair come up?  

Doing these massive renovations there is always something unexpected once the walls get torn off even if i count of replacing all plumbing and electrical.Does anyone know how David Greene was able to scale?

Don't forget to install a some GFCI outlets.

So your 40k budget is definitely in the ball park, but it will not cover you if something unexpected happen. 

Say the offer gets accepting and the bank offers me financing at an unexpectedly high rate (say 6.5%).

We were thinking of getting rid of the bar countertop but there are some outlets on the other side that we would need to get an electrician to move (I don't trust myself with electrical work) Funny, my uncle and brother are electrical engineers but they live in South Africa so no chance of them helping out. 

I use Rentecdirect for property management which will handle advertising via multiple outlets at the click of a button as well as do background checks on potential tenants.

Get really good house insurance that covers a lot of STR related scenarios and create an LLC after we move outUltimately, we just want to be financially protected in case someone sues or something unexpected occurs with the STR.

Look at the numbers in every opportunity without being emotional about it and don't forget to account for maintenance and unexpected expenses.