Yes, this is a creative way, but it is hard as you said.

Once in a while, you do definitely get some creative insults on the phone that you couldn’t even repeat to your mother, but once in a while you have some conversations with sellers that make it all worth it!

I am certainly one of the bigger proponents of STR's, but I do think it is important to keep in mind that these are assets which require creativity, upkeep, costs, and a whole lot of TLC.

Does anyone have an STR Analysis/Proforma spreadsheet that not only has the mortgage for the rental property as part of the expenses structure but also includes a 2nd mortgage (HELOC) which may be used as the cash for downpayment incorporated into the analysis? 

A type of strategy that I've been intrigued with and have been studying quite a bit is creative financing, more specifically seller financing.

Also, I need to do more homework on the creative finance route.

@Axel Meierhoefer personally I am shifting towards more creative financing options like seller financing or buying a home subto the existing mortgage.

There are plenty of lenders out there who are doing some very creative financing and I encourage you to add that research to your list. 

I'm focused on small multifamily and distressed residential properties (condo and SFH) in downtown Chicago, North and Northwest suburbs that can be purchased creatively, fixed, and flipped, or held.

@Brechman Dieujuste You can incorporate your LLC anywhere you choose--it does not have to be the same state as your residence or the property.