One of the stipulations cited skims over the issue, but there's a whole lot more to it than just saying "I want the loan in my LLC now and oh, yeah, I don't live there; Never have, never will." 

Your market may have something to do with it also.....in the San Francisco Bay Area many people will NOT get a 50% rule....I would imagine in Miami it's the same thing....however....if you are investing in certain areas of the midwest .....Ohio, Tennessee, Missouri or Wisconson....50% rule should definitely be a deal breaker because if your property does not meet it....then move on.

we are building a building just like this in Columbus Ohio except vertical. we added kitchens and all studios and common commercial and mixed it in. multifamily is much easier to finance. we got a similar valuation. we don't have to buy 1 million dollars worth of furniture either. apartment hotels are what some people call them but we are underwriting affordable housing. we copied the hotel development rezoning applications in our market but went for multifamily and I had it underwritten at 15 million and we just had the number one debt placement broker look at it and appraise it for 20 million because they added a tax abatement. hotel development works because of the nightly rate and higher occupancy and no kitchens in every unit.

Or are you hoping you click a button or send a text and someone says oh my god thanks for calling I would love to sell you my house?

Columbus, Ohio is a great market to consider if you're leaning towards appreciation.

I moved from Florida to start investing in Columbus, OH.

My advice - buy one LTR in Jacksonville, FL and Columbus, OH and then determine which market you like better and put all your effort on that market.

Oh yeah forgot one, evictions 6 months to a year and imagine 2 ongoing at the same time.

oh yea, I recently started my own business (2021 was my fist year in business, commercial door company, non real estate related venture) and gave up my w2 income and was already denied another refinance on my primary due to lack of self employment history. this was with the bank my business uses with and they want 2 years of self employment income on the books. end of 2022 will be 2 years so financing may be an issue if I want to 1031 now, but i havent really thought all of that out yet either. 

I am a first time home buyer looking to purchase an out of state investment property through a newly formed LLC (I am based in NYC, looking to buy in Ohio).