Potential applicant is going through a divorce, which she claims ruined her credit. 

It can potentially limit your buyers when/if you go to sell.

You could potentially do that as an investment in a less expensive market, and although yes it would require more down you would be able to qualify based on the property itself. 

First and obviously you need to talk with your tax person about it or potentially lawyer is you think about LLCs the way Jay does.

Heads in beds means more people, more damage, more cleaning, more potential accidents, etc...So make sure that the final NET proceeds really do justify the more heads the better mindset....

When you sign an as-is contract that means anything that comes up is on the buyer to fix.My group pivoted to a market where you can get in for 70k - 100k in a house in a c+/B area that has real ARV potential and you get much closer to the 1% rule than you do in Philly.I still have a group member who has a project going on in Fishtown on Salmon street. 

My ideal property would be in the range of $500,000, offering 3-4 units to maximize the investment potential. 

Hey mate,Take your time (As much time as necessary) to get the right feet on the ground first and foremost.Many folks get caught up in the attractive numbers a potential market presents and completely neglect building a team.A good ream on the ground will make or break your investment and not so much the demographics of an area itself.You can minimize your risk by buying super cheap thus hedging any "mistakes" you make in rehab or by working with the wrong people.Be patient and negotiate tough and you should find a bargain.We do even in today's market although much less often than 3-4 years ago.Direct mail, wholesalers and good old Craigslist are just some ways we buy a lot of our properties.We are also on the list of various disposition managers that send us deals.This site has some decent deals from time to time also - https://investorlift.com/And forget about appraisals unless you manipulate them.It's a blood joke if you ask me... lolI've had deals appraise for less than we bought and rehabbed which is impossible.And I'm pretty confident that my company has bought, fixed and sold more properties in our lifetime than many appraisers have appraised.Appraisers sometimes like to be A$$holes and give a lower appraisal just to screw with the flippers profit.I think they sometimes do this out of jealousy lolIt's a funny world we live in.Just my 2 Aussie cents.Much success 🙏

They will be able to help you avoid potential mistakes as a newer investor.

Relying on rental income to pay off the loan can be risky if the market turns or if the property isn't rented as expected.Additional Expenses: Owning a STR involves more than just the mortgage; consider maintenance, repairs, management fees, insurance, and potential periods without rental income.Given your strong credit score and income, you're likely to get favorable terms on a HELOC.