If you are not familiar with the title search procedure, you should seek a professional with experience.

Personally, I maintain both an emergency fund reserve and capital improvement/major repairs reserves. 

Be sure to call the planning department of where the property is located to verify the STR process and procedure.

And sometimes dangerous, as I landed in the emergency room twice from rehabs, once from drilling straight through my finger. 

How much capital is good to keep handy for repairs/emergencies?

A plumber was scheduled for a service call on May 31, but the call was rescheduled to June 1 due to an emergency call.

Whether the client is acting as a buyer, seller, or bank in a loan transaction will affect the due diligence procedure.

A short term rental requires quite a bit more effort than a long term rental including quick response to all guest communications, managing cleanings after every stay, keeping on top of maintenance (emergency and deferred), marketing the property on all major OTA sites (i.e.

Family emergencies and unexpected illnesses all can come to pass.  

@Jose Henriquez Once you find the financing make sure you still have enough access to some form of reserve funds in case of emergency.