I am clueless when it comes to the economic development board, but I do know that Waco in general is extremely business friendly and has very little regulations compared to other Texas cities.

The area seems to be appreciating by $50k each year looking at previous sale’s and comparing to Redfin/Zillow current values. 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

The rates on the 4 unit are astronomical even compared to what the current owner is paying (about 190/mo).

Compare the STR PMC managed numbers to those for LTR PMC managed.- The numbers may have an impact on your decision.You may also want to read your condo's Home Owners Association Master Deed & Bylaws to make sure there are no restrictions on any type of rentals. - Many HOAs have LTR restrictions and some now have implemented STR restrictions.Also, hopefully you've updated the home insurance policy of your current STR rental from a homeowner's policy to a landlord policy.

I remember when I was comparing tools. 

Let's compare two scenarios I priced out, Borrower Paid Broker CompensationPurchase Price: $500,000SFR 30 Year Fixed Credit 740 DSCR over 1.00 Meets DTI Requirement 1.

Here's my primary reasons:Expenses disproportionately impact lower rent collecting properties For illustration purposes compare two identically designed 1+1 duplexes in the same market.  

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

@Philip Jones we've helped our clients do over a hundred.As some of the lenders posting have pointed out, the challenges are:1) Property value and corresponding loan size2) Appraisals have much better comparables than 5 years ago, but may still be an issue.3) Property condition can be an issue via the appraisal4) Ownership seasoning - most lenders looking for 6+ months or incredible documentation for cost of improvements made.5) Most DSR lenders require professional property management.Always try a small local bank or credit union, but most will expect you to transfer your business bank accounts over to them.