Quote from @Marc Zak: Anyone have experience on the issue of getting insurance on a property held in an LLC?

@Preet Oberoi,I would strongly recommend that you look to partner with someone who has experience in this. 

Hi Olecia,As a loan officer, buying a second home for use as a vacation rental (Airbnb/STR) can be a viable option, but it's important to be aware of certain considerations.

And both types take into consideration projected income but the residential loans go against my DTI.

If heating expense is part of your consideration, I would look at the house's insulation, windows etc.

For this being your first project and it being around two years, you want to underwrite in a way that minimizes your risk and maximizes your cash flow.Key Considerations for Underwriting This Deal1.

Thank you for your time and consideration. 

.• Unfairness of the consideration.• Coercion, fraud, oppression, duress, and undue influence.• That the deed is not subsequent to the execution of the mortgage but contemporaneous with it.• That the grantor/mortgagor was insolvent at the time of the execution of the deed.An estoppel affidavit (executed and acknowledged by the grantor/mortgagor, attesting to the fairness of the transaction, the consideration exchanged, the value of the property, and other factors showing an intention to make a genuine transfer) or a recital (inserted directly in the deed) are supporting documents used to forestall challenges to these transactions.State law and local title standards must be consulted in regard to the consideration and treatment of deeds in lieu of foreclosure.What a GREAT post!   

Owning locally has helped me accumulate considerable equity with a relatively low initial investment.

If this is your first property, you could consider starting with a smaller apartment building and going after the opportunity first, and the property as a secondary consideration.