The strong local market and collaboration with Carlton, who provided valuable insights, also made it an attractive opportunity.

We will renovate the fix up the first floor additional dwelling and plan to rent it out as a STR for the rest of 1st year to maximize the return of our renovation expense against our W2 taxes via the Cost Seg / Bonus Depreciation.

That's a huge thing you are giving up (and maybe worth the additional price of 315k over 260k to you).

Additionally, failing to close a loan over a fiscal year is a huge red flag and usually leads to termination.I want to dive headfirst into RE investing to gain that experience I mentioned above.

Additionally, i live in Chicago, so i won't see it before closing which is in 30 days. 

- Have they ever had to call additional capital? 

We're actually in the market for our first STR and are hoping to buy in Bend since we vacation there often and will truly use it as a second home in addition to a vacation rental.

The only catch here is that each scenario comes with its own rules and potential additional costs.

Additional draw limit is 100% of total line of credit.Up to 50% debt to income (DTI).

Where I am going with all this is, have you looked into low down payment options that you all may be able to qualify for and afford without having to use an additional financial instrument on the rental property?