The disadvantage is the rates will may be higher than a Freddie/Fannie-backed loan that you get in your name. 

But after going to the bank that I normally deal with, they said rates for investment property will be around 9%.

Maybe you have this buried into maintenance.Your cap rate is not correct.  

Different rate environment, but the rent-by-the-room is the quickest way to buy and save toward the second, third, fourth. 

Typically, when I'm buying, I do not pay for any of the closing costs, except for items which are pro-rated (I pay my share and the seller pays his) and I pay half of the title company's closing fee (which in Nevada, is about $300 per purchase I make).

At least check the rate of the 15. 

Not using a nominal rate per door for analyzing cash flow. 

What's interesting is that the rentals for October were booked at a higher rate than the current nightly rate for July and August.

I am curious if the fees I am being presented are in line with market norms:lender app fee: $10,000Origination fee 1% ($20,000)Lender costs: shows a fixed amount at $10,000processing fee $895registration fee $10,000Title and escrow fees: $4,000 est.6.5% rate fixed at 10 yearsPrepayment Penalty: Yield Maintenance months 1-114 (1% minimum)Third Party ReportsApppraisal Required Engineering Required Environmental N/A Seismic Report N/A Market Study N/A Funded EscrowsReal Estate Taxes Required Prop/Liability Insurance Required Special Assessments N/A Ground Lease N/A Replacement Reserves N/A Required Repairs TBD Debt Service Reserve N/AWould love to hear your thoughts on this as well as what you think is appropriate fees for the freddie mac sbl program. 

Is the pre-payment penalty worth the lower rate you'd get.