@Cal Rohrman well it's properties in that range all over the Midwest region.

Do you base it off as a % of the rent or do you base it off what the regional norm?

I may take you up on a conversation in the near future, and I appreciate the offer.To answer your first question, there are existing homes in my region that I can rehab and put into my portfolio.

Most of the time you'll be looking at a cap-rate specific to the region along with the NOI of the property. 

This deal was a bit unique in that I relied on my agent and offered on it sight unseen...

I'm pretty confident that the podcast and the calculators don't go over specific repair estimates because prices vary so wildly between different regions.

Bigger Pockets also has some regional meetings as well.

If the properties are spread over separate regions, you would work through the Broker and perhaps get loans from different local banks.  

Gary, I have a unique way of structuring lease options/owner financing.In the past, I simply have my buyer sign off on a quitclaim deed and hold it in escrow at a title company.

Expenses unique to short term rental:- Utilities (trash, water, sewer, gas, internet, tv)- Cleaning and prep- Consummables (soaps, towels, linens)- Hotel taxes (this depends on your locality)Also, to Rob's point, it is more management intensive than long term rental.