New construction in a saturated market isn’t always the best play if you’re looking for steady returns.A place like Rochester has way better fundamentals—lower buy-in, strong rent-to-price ratios, and stable demand from universities, hospitals, and major employers.

If your tenant has been playing these "schemes" then likely they've done this with the previous landlord and gotten away with it - so I hope you bought the property for a good price in order to account for this potential headache. 

Down payment amount varies and more you put down the highre you will be in the queue of applicants, also down payment varies per your credit...Dodd Frank IS in play!!

Seems like you are looking for a passive income play. 

The mega site in Richmond, as well as Mt Vernon, will really change the landscape in these areas as they did in E-town when the battery plant came in play. 

Comps to me no longer play the only role because of rates, seasonality, etc., it definitely fights the arguments on re-fis with the appraiser but I'm noticing there's just a liquidity issue that is skewing things.I try to essentially start at the floor and work my way up on the ARV as opposed to seeing the highs and working it down.

You need to remember that, hopefully, this is a long-term play for you, so work with a trusted STR designer (I have great recommendations), and spend the money upfront so you can be the most successful in your area.

I have more than 20k to play with, just looking for ideas for best use. 

I can certainly see those scenarios playing out as they have many times in my experience. 

He’s built an incredible network of people who each play different roles to streamline the deal process.