We require a 2-year work history, supported by YTD paystub and last year's W-2(s).You won't get stable rent payments, unless tenant has stable income, which they won't have unless they have stable employment.

Not trying to be mean but you should have found out the regs before looking for a place not when your about to close on a property.Now I would call the county and find out what the requirements are and see if you can even make this a STR.Also 5k seems way too low to properly furnish a house.I think 20k would be more realistic even if you bargain shop.I bet I would need 30k to replace everything in my 3 bedroom STR.

@Brandon Warren Provided you didn't exceed 14 days of personal use after "placing the property in service" (e.g. making it ready and available to rent) converting the STR in June 2023 doesn't disqualify your property from meeting the IRS requirements for STR....

Most work this way: Rates: 10% to 14% (Most Deals are 12%)Terms: 1 Day - 24 Months (Most Deals are 6 months)Fees: 2-5 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $200,000 we charge $2,500 minimum)Max Loan: 65% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 10 business days)We have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VT, VA, WA, WV, WI, WY.

This strategy requires a good understanding of the local market and renovation costs.Real Estate Partnerships:Form partnerships with other investors to pool resources and invest in larger real estate projects.

They offer the three required salesperson courses you need PLUS the licensing exam crash course. 

HEre is a guide to each city's requirements: https://azrtr.org/compliance/Overall AZ is pretty STR friendly, but of course you need to choose carefully as you already know.

They will require 12 months payment seasoning on the loan before a cash-out refinance.

., there is still the possibility that the land may not sell for a substantial profit.Additionally, the investment required in improving the land also involves time and energy.

Review your contract (again) and double check if you have an appraisal contingency in place... the question you're asking is not something you want to be asking after contract has been signed, deposit is in escrow, and the appraisal is already ordered.Assuming the appraisal comes in lower, you may be required to come up with the difference in cash at closing.