For management, I'm guessing you plan to self manage.

The cap rates themselves from their ads don't include the cost of a commercial mortgage in their calculation.Now commercial loan rates that I'm seeing are at minimum 6% and higher. 

-Setting Criteria: Defining specific criteria such as location, property type, Financing Options (Including Seller financing), and comfort level to narrow down options.a.

I will include numbers below. 

Years ago we shared a campfire with a man and his son, they were being offered an exclusive contract to fabricate kitchens for McDonalds.

If you leave the property in your own name anything in your name is at risk, including your personal residence, savings, and future income.

After they confirmed they make less than the rent, I denied the application on those grounds.After that, they messaged me that they have a housing voucher which was not included in the application as a source of income and that the housing voucher would make their income reach the minimum requirements.What do I do now?

I want a template that will automatically give me all the equations and include both the purchase, a cashout refinance with a new mortgage balance and % along with recording all the rents and expenses. 

There are thousands of locations that make a great place for a STR, but if you can make it personal not only do I believe a self-managed STR performs better, but it helps with analysis paralysis.Also, if you need help running numbers, we offer that complementary to anyone, so feel free to reach out! 

Don't forget with a MTR you're paying all utilities including internet and yard care/snow removal, where with a LTR the tenant is paying all that.