Example:Mortgage approval up to $600k20% down payment = $120kClosing costs = approx 1.5% $18,000Furniture costs approx $30,000 based on $20 per footv at 1500 sqft homeMoney partner agrees to contribute all necessary cash approx $168,000 to purchase and set up STR. 

Vacancy/turnover is very costly.

There is more upfront cost, but if your vacancy is low, then you can have significantly more income over time. 

What are other questions we should discuss in advance.any advise, any sample document.Thanks look at 10 joint venture deals before you do one. talk to others in other markets. if he isn't smart enough to negotiate capital or JV deals or structured finance I wouldn't touch him. every cost should be fully transparent with their margin. similar structures with investors in columbus we are the general and everything is negotiable. he should also be qualified talk to a bank first. we take title in a single purpose entity we are the LP less than 20% and the qualifier and the main investor puts the cash and gets the loan, I'm also licensed and normally sell to out of state investors. 

I need $33,500-$40,000 to complete the rehab including cost of permits, labor, and materials.

Another investor of ours wanted to grow their portfolio and their goal was to diversify out of the west cost.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

Hi Sam,Would you be willing to share details/costs on the machines and system you went with in the end?

Depending on the price point of the property and the market you are in the cost for certain things can change.

Idea on cost to tackle this?