Either way in that situation you make your goal.I had a lender one time tell me they underwrite 50% opex regardless of sellers numbers because if they take it back from the borrower because of default they will not be managing themselves and they also could not run it as efficiently as the previous owner who sold it to their borrower.Underwrite conservatively for standard industry practices.I don't buy anything on the if the (everything goes right) scenario because if it doesn't you are up the creek.   

Keep an eye on the neighborhoods though.. some are pretty 'rough' by some standards.. 

Reach out to your broker contacts and your network and ask for lender referrals that play in the apartment space.Your pre-screen interview calls could includ asking them if they do apartment lending, what their typical loan size range is, what class of property do they like, standard loan terms (amortization, fixed rate period, interest rate range, LTV, and any other product knowledge you would like). 

Or you can do the standard 25% down.If you want to know what the very worst loan level pricing adjustment is, ask your lender where 15% down would fall in terms of interest rate.

Some of which include:Debt ServiceInsurance (proper STR insurance - not a standard fire policy)Taxes (both normal property and STR taxes)VacancyCAPEXElectricity, Cable, InternetFurnitureSheets, towels, etcCleaning/maintenance Gardening/lawn-care Etc.Im sure I missed a few - but you get the point.

@Aaron Cullen good question. if your rehabber cuts corners and performs below standard repairs, once they pass the property on to the property manager and new owner their hands are washed of it.

It is in bethel AK where all houses are on post and block foundations, because the tundra and perma frost moving around will crush a standard concrete foundation. 

. $500 - $1000 is more then fair for a guy to spend a couple of hours to make sure professional fill out standard paperwork, and transaction will go under his insurance.

I wouldn't do it solo on my first few transactions.Should be easy to find a standard PA purchase and sale agreement.  

My first tenant is moving out and it is not going smoothly.There seems to be a lot of excessive damage to the house and I want to know what is normally considered excessive damage.Is there a standard listing of typical excessive damages in rental properties?