The 3 issues you described are all fairly large red flags, especially for someone's first property.

On buy-and holds we usually replace all the plumbing with pex, no matter what, because galvanized has a life expectation of about 60 years, so I usually take the sooner than later approach.Stick with hard money, like Mach1 or or MKE hard money (Scott Lurie) as they will not leand on a deal that does not pencil out, so you have the added benefit of someone experienced looking over your numbers.

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready. 

An HOA can easily restrict someone trying that strategy. 

I met someone who was successful and he laughed at my 5 attempts and said, he called 300 owners before his first "YES".     

DM me if you need someone to take a second look!

This helped me yesterday when someone inquired about a stay in October. 

@Preet Oberoi,I would strongly recommend that you look to partner with someone who has experience in this. 

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

Someone from Stay Hikaru reached out to us inquiring about our Tampa property.