You can always leverage rentals within their ability to service the debt. 

It sounds like the issue is with the Debt Service Coverage Ratio (DSCR), which lenders often use to determine how much they’re willing to loan.

I prioritize appreciation, tax benefits (rental property expenses, depreciation), ability to use leverage, and passing on generational wealth with real estate. 

Also, the ability to find good deals with an accurate budget to complete the project up front from some good project managers/general contractors.

What kind of calculations should I use to determine whether or not this is a good idea?  

But, the more you ask, the more details you seek, the more likely you will expose their true understanding and ability to manage managers.3) Again, this is all questions.  

 @Puneet Mahi as others have stated, I would do a deep dive on the markets inside each state to determine where you could have an advantage AND where your family would like to live.

I have the ability to find properties that all in costs including rehab and purchase would only be 70 to 80% or ARV on properties. due to this I have been trying to find lenders that allow for less down and rehab coverage since the properties are so discounted.

In the last few years, they've made illegal:-Rent controls of any kind-Limiting of fees or screening charges-The ability of HOAs to regulate STRs or LTRs in their neighborhoodThat's just the start.

I recommend starting by contacting the county’s property tax office to determine if they are open to discussing or reviewing an appeal for property taxes.