I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

@Ben Johnson Not enough info here, but based on what you wrote, you have $5,000 in monthly cc interest and probably $3,000+ in principal.  

Borrowers are not allowed to complete any of the work themselves as sweat equity.Loan to Value Calculations:The original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.Purchase: For a purchase money transaction, the LTV is determined by dividing the loan amount by the lesser of the “as completed” appraised value of the property or the sum of the purchase price of the property and the total rehabilitation costs.Refinance Transactions: For a refinance transaction, the LTV is determined by dividing the original loan amount by the “as completed” appraised value of the property.Eligible Renovation:There are no required improvements or restrictions on the types of repairs allowed.

Locking in a lower interest term loan will also force you to get the principal down as opposed to just making minimum card payments every month that allow the balance to keep growing.

I’m exploring the option of selling these notes and would love to get your insights on a couple of key points:Pricing Expectations:How much of the total principal should I reasonably expect to receive when selling these notes?

I have looked at Hopatcong however despite allowing STRs, it has language that requires the STR to be the principal residence of the owner as indicated by something such as a diver's license.

And you still get the same benefits in terms of tax benefits (depreciation is a beautiful thing), rental profits, principal paydown and appreciation. 

A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

Then you will have a principal and interest payment of around $13,450.00 plus Taxes and insurance so add in another $2800 for $16,250.00 a month. 

Agent-advisors would merely provide advice, coordinate property photos, and review offers with their principals.