How long have you owned the 1 bedroom condo in San Fran and what's the end goal with that property? 

Expect your loan to be underwritten using an appraisal that is based on the markets long term rents, not the higher income you presumable expect to collect operating as a STR.

I forget how long it took, two months perhaps, but I found my buyer.

Renting properties for STR does not come with the upsides of tax savings, appreciation, equity build up, etc.I agree with the sentiment expressed by others that diving straight into STR, especially with a property that is cashflow negative as a long-term rental (LTR) or through arbitrage, can pose risks.

  - There are a lot of good folks on BP who have been in the game a long time and can vouch for different QIsAs for your DIY model: you can't do 99% of exchanges on your own, the IRS won't let you. 

I offer a two year lease option. 3 years is too long in my opinion but if you are simply looking for cash flow, 3 years is fine.Since they are providing 10% down, I don't have them put down a security deposit.

Even if a property is 3 miles away, you will notice price difference if it falls on the other side of the highway for example.

. * [6-24 months] Whenever I find a job and qualify for a FHA multifamily, get that property (with break-even cashflow most likely), and rent the condo at a cashflow loss for a couple years until rent increases (due to high-interest on underlying debt)* [Almost immediately afterwards] At this point, do a cash-out refinance on the condo to pay back the SBLOC (unsure if this is possible immediately after getting the multifamily loan), and secure a lower rate for the condo itself.I know this strategy sounds like loser, as it bleeds money all around, but my hypothesis is:* Underlying assets should grow more than 8.15% in a given year, and I would not pay short/long-term taxes on stock.

I am currently looking at occupying one of the units, turning one of the units into a long-term rental, and the third into a short-term rental. 

If there were a lender offering terms a mile ahead of the industry, the rest of the industry would have no business, unless said company was horrible at marketing.But I haven't heard of them, but that should hold much weight, as it seems a new DSCR lender hits the scene weekly at this point.