At a high LTV your leverage will be magnified.If your cash flow really is break even (I have my doubts) then with the magnification resulting from leverage, you could produce a fairly good return (ROI from leveraged appreciation, equity pay down, tax benefits).Good luck

I think they used to go up to like 80-85% CLTV depending on credit score.

Hi Anthony, it sounds like you’re in a good position to start building your STR portfolio, especially with no debt, great credit, and rent-free living!

True re the prior poster, re this helping the seller save their credit, if you buy sub-to you will dramatically raise their FICO since the mortgage will show on-time payments.  

Being a real estate professional allows you to treat the income as non-passive, allowing higher high income tax payers to pay less in taxes.

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

@Andrew Self there are attornies you can hire to resolve your credit issues.

Who covers the tax bill when they don't pay the tax bill or the insurance? 

If so, there are no transfer taxes due. 

Out of my 32 properties, I’ve seen insurance rates drop by up to 40% on renewals, and property tax increases are finally slowing down compared to the crazy jumps we saw over the last five years.