An investment property loan for a fixer-upper, which I won’t be moving into.2.

Hi Nick,I'm by no means an expert on South Bend, but I'm fairly familiar with it.

Therefore it's not uncommon for someone to buy a new construction that's the same price as an old house but it comes with an one year warranty and all the new stuff. 

I'm looking to purchase my first property and set it up as an STR.

Back in the day we carried a balance of $100,000+ that was owed to us and that is now down to only $10,000 or so and we only cover out of pocket if it's an emergency.The PM must have sufficient reserves to do the necessary maintenance work and shouldn't be chasing landlords for money.Just my opinion...Also, a PM's number 1 profit center is maintenance up charge.Landlords don't have much insight and PM's nickel and dime to death on those.If you are suspicious, ask for a receipt so they aren't making up non existent maintenance.Let them make their money tho and calculate that into your expense pro-forma.Otherwise, manage yourself and deal with the $#%^@ that comes with it lol.Multifamily in Ohio, you can get for $25,000 - $35,000 a unit.Drop another $5,000 - $10,000 into the turns and rents should be North of $800pm.Decent area's also.Personally, I wouldn't get out of bed unless I'm making the above numbers.Wishing you much success

I have a piece of land behind an existing rental that is almost 1.5 times the size of the standing triplex. 

Financed an investor who purchased an old, but rehabbed 148 unit holiday Inn which consisted of 2 separate buildings.  

  #2 is probably not true.Scenario 1 - Someone wants to buy it to use as an STR:  Someone wanting to continue to use it as an STR definitely wants it to already be furnished. 

Things to keep an eye out for?

When you ask an important question PAUSE   Counting three dots will help   What were you hoping to sell for?