Or you saved up a lump sum to serve as a reserve before purchasing the asset?

@John Yingling, my first thought is: if the property isn't serving you either lifestyle or financially, then let it go.   

I did this type of investing early on in my career, and I decided to change directions to invest locally in the Chicago area. 

And I am not angry typing this. 

Those lenders specifically serve the local community and will usually have loan products with very low or no minimums. 

Unless someone is very comfortable with all the rules regarding SDIRAs and prohibited transactions, we don't recommend these types of entities.We have never had any complaints from our clients who hold real estate directly that there are too many delays or too many fees.

One thing to keep in mind is that you can't use an FHA loan for an STR, so you'd have to go conventional or another loan type. 

The type of house would include viking appliances, hardy board, and Andersen windows for example.

In continuance, what type of returns are outside investors looking for typically?  

It statistically has the best price/rent ratios in the country...so it's arguably the "easiest" place to execute FIRE.Some people don't like Detroit.There are 2 types of people who dog on Detroit.. 1.