@Parmesh P. there is no such TDA paying 7% or even 6% long term,5 years or longer.

I am looking to make an offer a 2BR condo for use as a long term rental.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

However, terms are negotiated specific to each project. 

Knowingly buying into the red just because of financing terms is a very unhealthy way to invest.

Prepayment penalties- usually 1-5 year terms.

Once I get a few stable long term rentals maybe consider looking into such properties and cover aspects I am able to confirm. 

Hey @John FriendasI have purchased 4 of my Co-Living (rent by room) properties with DSCR, 1 of them within the last few months.Not that I necessarily recommend this, but there are short-term-rental DSCR products.

Without these connections, you’re likely to spend more time and money finding reliable help.Enforcing Lease TermsProactively managing tenants and enforcing lease terms reduces the risk of evictions and other issues.

Long term hold.