Purchase price: $240,000 Cash invested: $48,000 1 bed / 1 bath Direct Oceanfront condo vacation rental on Hilton Head Island.

I actually had this come up with a client of mine who was literally doing the same thing you are - I, wanting to fully disclose to the lender told them the situation, and the head u/wer on the file told me to run it as primary b/c it's on them to approve the loan as it is, not as what it's going to be, even as they knew/know the situation. 

Currently my fiance is handling all the cold calling, and we are really trying to dive in head first! 

@Brendan Miller what are your thoughts on the current market in Albuquerque and where it's heading?

I'm benefiting from it as much as anyone else here, but I think we'd really have to be putting our heads into the sand to think that STR's are not majorly contributing to these problems in touristy areas.Two major and obvious problems they create.1) Fewer LTR's available. 

You can't sit on it and watch TV unless you like turning your head 90*. 

Being my first property, I would prefer something closer to turnkey than not, maybe needing to spend up to $5k-10k in rehab so that I don't feel in over my head on my first property.

I don't know anything about a home inspection and a lot of the stuff just flew over my head. 

Both selling the house and renting it out make sense in my head.

The Assessors FullMrktVal is substantially lower than the listing price, almost 70k lower.