Lots of misinformation in this thread, so what's new....Conventional loans are secondary market loans, 80% LTV without PMI, you won't get PMI on a fixer based on an appraisal.Portfolio loans are held by lenders, they may use conventional underwriting but may vary and can finance fixers.The rule is: The LTV is based on the purchase price or appraised value, whichever is less.There is no ARV in conventional loans.Multi family is 5+ units, SFR is 1-4, (Jerry meant to type 2-4 @ 25% I'll bet, not 1-4 as 1 is a single family detached dwelling that can be at 95% owner occupied conventionally).  

However I just rented my significantly less nice 1 bedroom apartment in Cicero in like a week.This is an owner occupied building and admittedly renting it out was not my primary objective when we bought it, so I didn’t pay as close of attention to the rental market.However I would still appreciate some insights from people familiar with rentals in the area.

I've seen these companies try and fail and the Owner just wasted money.

Some properties just aren't fit for it and the owners spend a lot of effort because they want an Airbnb, whereas you'd spend less effort and make similar returns just renting it long term, or medium term.Starting an STR can seem like an undertaking, but as with anything, "Prior Proper Planning & Preparation Prevents Pi** Poor Performance".I found an STR group that meets monthly just outside of Indy!

Especially if it’s owner occupied as many don’t realize that if you don’t send statements to borrowers as an example that’s against CFPB regulations.

We have a damage waiver where guests pay us a fee in lieu of security deposit and we cover the owner for accidental damages. 

From a liability standpoint, putting the sale proceeds directly into your personal account, versus an owners draw, may pierce the corporate veil and open you to personal lawsuits should the buyer be upset about something after closing (and yes this happens, and no I am not supposed to talk about how I know).  

For sale by owner, so we used a lawyer friend to make sure we were covered in our purchase agreement, etc. since the seller was the type that basically wanted to sell the house on little more than a handshake.

You are not providing hotel service, with a long term rental they rent the unit as is as get a similar experience as an owner would living there.

Pets to relocate?