Bank Statement Loan Trap?

[Samantha Perez]

My wife and I are self employed and have reached out to Sprout Mortgage to help us do a bank statement loan. We both have good (700+) credit so the agent said that we can possibly put as little as 10% down. I understand the catch is a interest rate in the 4-6% range. Am I missing something else? I saw a Youtube video of someone saying to refinance and get out of Bank Statement Loan as soon as possible..

It will be our primary home but Ideally I'd like to use this unit as a full time STR (short term rental) through Airbnb as it cash flows a lot better than a long term rental. The home will be in Florida.

What should we be prepared for? I want to make sure we aren't putting ourselves in a position that we aren't overleveraged.