In most markets that can legally have STRs and that the local government embraces, you can get up to 50% more in rental income vs traditional rentals. 

 Mark, thank you for your offer, yes, I'm going to need your help, as soon as I can find professional advice in regards to the financing process; I think my situation is a little more complicated, I'm still evaluating the situation myself, since my visits to local banks were not helpful.

The banks are based here, many investors are based here, and so that lends to Charlotte being ahead of the trend.

With that said, you still have options. 1) Speak with some local banks/credit unions to see how much money you could borrow to purchase a place and what % down payment they require. 

Minimum cash flow targeted generally relates to what the bank (small commercial bank) has for debt service coverage ratio requirements.

You can  ask your bank if you have any option to fix the rate when you withdraw the money from HELOC.

Is it likely....probably not.I negotiated many times with hoa’s in short sales, but they were looking bigger losses if the bank foreclosed....depends on the situation.  

Maybe they could help with screenings, contractors, etc. but also that's  something I can do online/phone... and if tenants have bank accounts take care of rent that way too.

My next step was to confirm financing by talking with local banks.

@Rita Lo It is very difficult to use a bank when it comes to auctions.