So the lease will be higher than the advertised rent, they will be responsible for minor repairs, they are responsible for obtaining the proper licenses and pay all the taxes for their business operation (If you don't do this, you will regret it one day you see a tax bill that you as the property owner who are responsible for), and they required to have a STR insurance policy. 

Of course, it requires financial resources, but it is an investment that will pay off in the long run.

Unfortunately, due to market conditions, scarce inventory, and current interest rates, achieving a cash flow of a couple hundred per month for a long-term rental requires a downpayment of around 30%-35% if you're financing.

This is due to the fact that many lenders provide various loan programs with various periods, interest rates, and minimum down payment requirements.

Hope you got a discount on the purchase price due to the tenant past due balance and didn't get suckered into paying full price just because it has an S8 tenant:(You may also want to push your PMC to send the eviction paperwork to the S8 caseworker, so hopefully, they take away this tenant's voucher!

Broker Requirement: It seems like becoming a broker may be necessary to obtain a property management license.

Would they have to go with a non warrantable product or is there some sort of rule that allows it be a new condo building and waive some of the underwriting requirements?

Anything smaller than that would require a more hands-on approach.To succeed in this field, it is crucial to adopt a data-driven approach, maintain perseverance, and establish strong relationships with developers.

They also require annual licensing so be sure to include that in your operating costs. 

If you are looking to do this owner-occupied, conventional may work, but if you have issues qualifying, you can run the numbers as a non-owner-occupied property and pursue a DSCR loan.I am able to qualify for a conventional loan with a 5% down and an interest rate of around 7.5%.I would like to know how down payment requirements and interest rates for DSCR loans compare to conventional loans.