@Jared CrockerHi Jared,Are you asking about the EIDL loans that have been in the news or just normal standard SBA 7a loans?

I’ve heard 90%+ occupancy being the gold standard and to steer clear of properties in neighborhoods with lower occupancy averages.

For example:-Not only are people who become unemployed eligible for standard unemployment, they are also eligible for enhanced stimulus unemployment, and the one time stimulus check.

Also, your DSCR is below the standard 1.25%.

Try to educate yourself on state laws and tighten up your standards as soon as the situation allows.

In that case the differences between evicting a tenant in a furnished STR with all utilities paid and far greater more variable/seasonable income streams is (IMHO) a far worse situation than a traditional LTR (where you’re at least mitigating some risk via expectations of standard background, credit, and past landlord, etc checks. 

The $50 application fee is fairly standard but the $50 move-in cost and $2900 deposits are odd. 1 months rent is typical for someone with good credit or about $2500 in your scenario.How many bed and bath?

It would have cost me 1.75% each 4 plex in rate, appraisals, and of course standard escrow and titling fees. 

Hi fellow Torontonians,I wanted to share a couple of tenant resources that I learned about recently which you could use or recommend to your tenant other than the standard EI benefits that most people already know about:1.

As you can see from some of the upper ones you can usually get 2-3 standard 12/14 gauge wires in each terminal.