Therefore you have to rely on contract, if its a new build, make sure its in the Purchase Agreement.Why?

Reno Scenerio Off Market Purchase Price - $185k ARV = $315-335kReno - $55-65kHolding - $10kClosing both ends - $25k= $335 , $315-$285 =$30-50k gain  As-IS Scenario Purchase - $185kSale Price on MLS :$225- $235kClosing both ends - $20kHolding - $4k= $235 - $209 =$16-$26k gainIn both scenerios I’ll be 1031ing it into a new investment.

That ensures you don't spend it on other things and that you know exactly how much you have available to spend on the next purchase.

Have you considered using a down payment assistance (DPA) loan/grant for this purchase?

Purchase price: $380,000 Cash invested: $135,000 Annual rental to be turned into STR when tenant vacates What made you interested in investing in this type of deal?

Purchase price: $530,000 Cash invested: $100,000 My journey into short-term rentals began after years of investing in long-term properties, but it was a podcast that opened my eyes to the incredible potential returns of STRs.

Second only to fixed costs of operation which disproportionately impact the lower cost properties often leased to subsidized tenants (also rarely represented correctly on spreadsheets pre-purchase).

NOI divided by purchase price gives you cap rate. 

The best I've seen for STRs is 80LTV on purchase and 75LTV on cash outs. 

I recently purchased a triplex in Pittsburgh and have had success with it so far.