I am seeing interest rates start in the mid 6% range for foreign nationals here in Florida.

Fellow attorneys rate him 1.5 or 2.5 out of 5.  

@Tom Rairdon If you’ve owned your short-term rental (STR) for over a year, it likely qualifies for long-term capital gains (LTCG) treatment, taxed at lower rates (0%-20%) compared to your 33% ordinary income bracket.

At any rate it is possible, but depending on your appraisal it could be a gamble

Some of these renters are capitalizing on low interest rates and choosing to buy, but many are unable to buy due to lack of down payment or credit factors. 

What is the interest rate on borrowing compared to the rate you are earning, then take into consideration the tax consequences. 

Joe its all about NPV  and rate of return for investors.. either way your going to take a pretty big hair cut out of your equity to do what your wondering about. 

My main concern is the interest rates being so high now as to whether what I'm hoping to achieve is really even possible. 

When evaluating markets for rental properties, there are a lot of factors to consider: population growth, employment rates, rent to price ratio/GRM/Cap Rate, rent trends, vacancy rates, etc. 

Here's a bit more in detail about how rates are calculated for DSCR loans:1.