Help me figure out if this scenario I thought up has potential to work or not.First Leg:Purchase Price: $500kDown Payment: $100kClosing Costs: $20kLet's say I want to purchase a short term rental at the price point of $500k.

Then the goal would be to either sell it off or keep it as a rental for a long-term hold.

But, I am considering buying a home 300+ miles from me that I can use as a vacation home for myself a few weeks a year and do short term rentals the rest of the year.Question: Can I get a second home/"vacation home" mortgage (10% down) when I don't have an existing first-home mortgage? 

And I am also happy to discuss my experience in the area on valuing small/medium multi-family properties, and running short-term rentals in the Phoenix area.

We looked into what was required from the owners standpoint and it turned out he needed a slightly different insurance to cover the property's use for short term rental purposes, even though he wasn't the one actually renting it out.

Another private investor, willing to bring equity in exchange for ____ (fill in your agreed upon terms). (3-15 days)2.

I am considering starting with Staten Island and Long Island, as they seem to have relatively lower barriers to entry in terms of pricing.

Some areas may have rent control ordinances that restrict how much landlords can increase rent and how often they can do so.Review the lease agreement: The terms of the lease agreement signed by the landlord and tenant usually outline the conditions for rent increases.

We are thinking of getting a cost seg study for an SFR that's a short term rental.

IRS audits and penalties: Studies that are poorly conducted may be full of unsubstantiated assumptions and errors that can lead to expensive audits and large financial penalties from the IRS.Long-term issues: Dealing with IRS audits and having to correct inaccurate studies can be a drawn-out, stressful and expensive process.