You do not want to refinance relinquished property shortly before you sell it in an exchange.As a general rule, the IRS will take issue when a taxpayer refinances and strips equity out of a relinquished property shortly before selling it in an exchange.  

I Bought a dental practice with my wife 2 years ago, so once we are no longer poor from that, plan is to convert 3rd property into a STR.

Furnishings and UtensilsHowever, you should absolutely be prepared for higher turnover (students don't stay for years) and their lifestyle (being young and dumb as we all were) leads to more wear and tear. 

Keep the content short and helpful.

Typically we are known to be landlord friendly, but things can be a bit trickier on renting bedrooms vs individual units.  

Lastly, consider short-term rentals if permitted, especially in the off-season, while continuing to seek long-term tenants.

It needs to be intrinsic for a DSCR loan to qualify, or they penalize you with an excess add on fee and/or rate. .Secondly, an IO really only make sense if you're investing in a short-term duration. 

Unfortunately, we do not lend in Alabama at this time, but we are always looking to expand if there is a market for it. 

The washer/dryer combo went out on us and flooded all levels; we are the top unit, all while we had a heat wave! 

We are still having good success here in Salt Lake City