I started by saving up for a down payment which was 5% for the first "second home" property in 2004, then 10% on the next few. 

Poor rental payment history is a common cause for non renewal. 

The issue is, I'm not sure if my income will be enough to cover 2x the monthly mortgage payment that most loans require.

At 7% you will have payments of about $4000 per month and at full occupancy rents of $6600 per month.

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!

Traditional mortgage from a big bank, 10% down payment What was the outcome?

Continue Funding my Mid west BRRRR clients like the land if we get history I provide 100% of purchase and 100% of rehab and there is no monthly payments really helps these guys / gals scale..

As stated i have had OTAs initially refuse payment but end up paying so this may end with favorable results for the host, but the host has to go through some additional hurdles.https://www.biggerpockets.com/forums/530/topics/1224322-airb...I think OTA competition is good for both hosts and guests.  

Even if you believe you can stomach the monthly payments, paying $20K a year to carry a piece of land based on the information you shared is not recommended.

Eventually, after finally admitting he could not obtain a loan, he failed to return my capital, and completely stopped responding just long enough until the banks were unable to reverse any payments.