Here are some practical strategies to help you navigate the process.Start by understanding the local real estate market.

The book provides practical advice and insights, making it a great starting point for beginners.

Myself and family truly loved the property and house; just want others opinions on if this may be a mistake to proceed, or does this appear common practice for the age and location (upstate New York). 

Small banks use to do this before such practices were regulated and many got in trouble in attempting to influence a borrower, thus the regulation.

There's not any (to my knowledge) Jacksonville wide STR regulations.  

There's also growing regulation risk for the investor, thanks to the hospitality lobby convincing local Karens and pearl clutching city officials that short term rentals are nothing but drunk college kids and constant crime. 

Ok you should know that when forming a deal like this you need see which regulation will affect your partnership. 

Additionally, for rate-term refinances, many DSCR lenders have no seasoning requirements at all.Easier qualification: DSCR lenders have much lighter qualification requirements than conventional or portfolio lenders, such as no DTI, income verification, or tax return hurdles that can slow down or disqualify loansFlexibility: While conventional and bank lenders are heavily regulated and follow standardized rules, DSCR lenders have much more flexibility and control over their guidelines.

But you will buy a specific property, in a specific location, subject to local rules and regulations.

Just wondering what common practice is for most other investors who invest out of their home state.