STRs require a lot more cash up front so you just want to make sure you have a good idea of what you're getting into first :) I own STRs and love it but I also wish I had learned a little more about the analysis and management prior to going live - I did some of that on the back end and could have been successful faster.Another idea is to talk with some owners 1:1 to see what advice they would have for someone starting out.

For a cash out most DSCR programs are going to require that the property has not been on the market for the last 6 months, but there are a couple who will allow after the property has been pulled from the market but will likely have a pre-payment penalty. 

To start the process they require: 1) letter of intent; 2) lien release proposal written with attorney or title agent; 3) survey with descriptions of before and after.

Is mediation required?

Hi guys, It's my first STR, located in Beaufort, SC and they require a Rental Agreement for the guests.  

I understand that investing requires some level of risk, but I've heard horror stories, and I REALLY don't want to make any stupid mistakes that will send me to the poor house.Because I don't yet have any experience, I'm wondering if I should invest in some kind of training program?

Both meet the income requirement of 3x rent on their own and have excellent credit repayment histories.

Building a solid crew is key to making waves in real estate, and I’m all about surrounding myself with top-notch folks who share my values.If you’re up for a chat about real estate, hit me up here on BiggerPockets or shoot me a message on Facebook.

Please let me know what areas you like to invest and your ideal requirements.

The other 5% are people who "graduate" to needing a CPA/EA/Experienced tax preparer due to other specialized knowledge required.