. :) A zoning change can take up to 6 months, approval isn't guaranteed (despite Aldermanic support), and potentially cost a lot of money (architectural site / floor plans & dimensioned elevations, zoning attorney, holding costs, etc.) 

@Jeffrey Holst that is not true, you don't get pass through tax advantages but not all W2 employees can fully use them in the year taken and the K-1 accounting can cost a lot.

@Shayan SameerThe non-paying tenant could impact your short-term cash flow, so consider the potential costs and timeline of eviction in your state.

There is no PPP and the closing costs are slightly lower compared to a DSCR loan. 

Considering opportunity cost of not affording more rentals vs paying much more in interest.

How about opportunity cost?

Costing them thousands and making them lose out on homes.

They're offering 5% for 20 years, no pre-payment penalty and the only cost is $2,100. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I invest primarily in a lower cost area but also own property in, and am looking in, a higher cost area.