We were able to purchase this property early on in ’19.While it feels like a lot of action when one reads about it, fact is that the speed at which deals were appearing in the MLS was not sufficient for us… good deals were far too infrequent, and there was a lot of competition for them.

This means that you model the income and expenses for each.The reality is that those are two very different income models, long term rental is a passive income investment (per IRS, not reality), STR is a business.If you are conservative, you want the STR to be able to function as an LTR in the event that sufficient bookings don't happen or local regulation makes operating the STR untenable.When you buy an STR you should be looking at very different criteria than if you are buying an LTR.

Brokers want their fees and are not sufficiently selective. 

This is what I do for my children’s income.Go on vacation – Many people use these to go to Hawaii in the winter, or at the very least Seattle to get some more vitamin D.Other observations– other than save for kid’s college, people don’t really invest the money.

Multiple evictions will result in denial.8.Long term rental history or home ownership is favorable.Residence history that shows an excessive number of moves within the last seven years will require additional security deposit.9.If residency was out of state within the last five years, an additional fee may be necessary to conduct an out of state background check.INCOME/EMPLOYMENT HISTORY1.We will examine the most recent two years of income history.We will not consider unverifiable income. 2.We require sufficient and stable sources of income, equal to at least 3x the monthly rent.We will consider income that is 2.5x the monthly rent with additional security deposit.3.To verify income, we may request documentation such as pay stubs, benefit award letters, bank statements, retirement accounts, and tax returns.4.Long term employment history in the same job or profession is favorable.5.Short term, temporary or seasonal employment may qualify with additional security deposit. 6.Self-employed individuals must be able to verify their income through tax returns or bank statements. 7.Retired and unemployed individuals must be able to demonstrate they have sufficient resources to pay living expenses.

My lawyer justified his lack of demand for documentation by the fact that our lease is clear on who can live in the house and that written authorization is needed for any additional occupants meaning that stipulation alone would be sufficient to get an eviction, but I disagree with him thus all the work I did collecting evidence. 

Is Carroll County more of a hard working area with people who are self sufficient income wise???

People were going online and getting bogus ESA letters....Here are some reasons I looked up where a LL can deny an ESA:*They are unable to provide sufficient documentation, such as the emotional support animal letter, that verifies the ESA is necessary for their health and well-being.

We know that we have to be self-sufficient and that there will be no pity party for us if we are unable to make our mortgage payments.

It all revolves around the asset itself so the most important factors are that the DSCR is 1.00+ , your credit score is sufficient.