I'm still in reconnaissance mode... so need to collect as much information and knowledge as possible before deciding what to do.  20-80 is more of a rule of thumb and not a "magical" ratio.

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

If you do not have an FHA mortgage then go ahead and apply for one on the investment property. 

There are rules and situations unique to each state and that is why you want to go with a local lender vice someone just reaching out to you telling you they can do it. 2) Better recourse if the lender screws something up: a local lender has more skin in the game so to speak as if they screw something up their name will be mud to local real estate agents in the deal.

It’s also worth diving into local regulations and HOA rules—they can shift quickly in coastal markets like this.

By the way the landlord insurance that I applied to is Steadily.

@Venecia BaezRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

At the end of the day, your servicer is there to keep your loan compliant and to process and apply payments.

As a general rule, I tend to vote against anything that favors rent control and will increase property taxes.

If you are considering renting it for a minimum of 30 days, I believe you will be exempt from any short term rental rules and taxes.