For those who operate in this market what has been your experience so far? 

A 3br/3ba luxury apartment near a major university.Rent was $2950/mo and it made me $1600/profit per month.With two units and within 2 years, I was making $4k/mo in profit from 2 airbnb’s I didn’t own and I only started with $10k.I replicated this process until I brought on a business partner and hired a full time operations manager and we scaled to a 17 property portfolio between rental arbitrage units, management deals and properties we bought.I did this strategy in my early 30’s and I’m 33 yrs old now.

I called them direct and asked them specifically if they would value an operating STR at a higher value than the comps of similar properties.All the answers were NO.

We added square footage and all the decks and now operate the property as a short term rental with massive success due to the team handling the management for us as the operators.

I own and operate multiple STRs under my business Wander North Rentals.

AS some others have said, check out DSCR Loans - typically a pretty good option for people in your situation - here are some helpful articles all about the topic!

What typically is the showstopper for investors is thinking they can get 100% financing for acquisition and any work on the property - which essentially is an unsecured loan or a very large credit card. 

Medium Term Rental, typically furnished like a STR but minimum of 30 days.

I think there usually is little turnover from year to year, but I'd just like to hear what your experience has been with this.Ive heard that section 8 tenants typically stay in a property 7-10 years.

Waiting until six months allows you to get typically 75% of the new appraised value.