This is where I am having trouble figuring out which direction I should go - I am a REALTOR and a Licensed General Contractor so I have access to MLS (am also working with 2 REALTOR's who deal specifically with investments - one deals with STR's in the Nashville, TN area the other deals more with Fix and Flips in the Baltimore County area). 

I just quickly looked it up myself, and it looks like they have a step by step instructions packet on their website (link below).

Most cities have specifics like this for STR properties.

It goes from Roofing, HVAC, Electrical to just establishing rehab cost for ARV accuracy on a timely matter.If you have any specific question just contact me with a direct message.I will be glad to help.Thanks in advance

There are many other factors to consider besides bedroom count and of course you need to research your specific market.

Any specific clauses that should be included in the case someone bails and the other 2 have to be responsible?

--HELOC is against PRIMARY---Rate is 6.95 first 12 months then prime +2 for a total of 10y, interest only, then amortized--Total HELOC would be purchase price + Renovations (approx 120-130 total but who knows)Projected cash flow is estimated without knowing specific extra costs.  

Hi @Peter MatusI don't have all of the information on your specific situation but that does sound high.

One option is a marine loan, which is a type of loan specifically designed for purchasing or refinancing a boat.

I started this thread to address this product specifically.