Also, if anyone has any experience in land purchasing I would appreciate any tips or websites on how to find the best deal or agent for the same.

Jay thanks for the tip, it helped in searching and learning about "lead generators" in the fine print in lending and what means.

Thanks Sarah, I don’t see much house hacking going on in Essex or Dundalk in terms of listings on Zillow or FB so my concern would be finding professional adult roommates that want to house share in that area. i’ve been following a lot of the midterm rental groups in Facebook and the consensus is that contracts have decreased significantly and hospitals are using more local labor pools.

It also did not have a pool like your property so that would probably lower the desirability as well.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I’m looking forward to hearing about your experiences and any tips you have for someone considering a similar investment.

Pro Tip: Ask an insurance agent what your rate will be before you make that offer.

For the most part, most lenders are going to be relatively close in cost assuming we are talking about a straight forward loan product, we all borrower from the same pool of money to make these loans. 

As for the rest of it, you can find a lot of useful tips on past forum posts along with podcasts and youtube material on the topic (BP and other RE sources).We've self managed STRs for a few years.

You have gotten so many great tips already.