Whats a typical multiple for such asset?

I've been thinking a lot about Florida and I believe it's a great state for future potential investments such as purchasing and renting out (utilizing the BRRRR Method Of Course).

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

Meaning, the bank wants to see that a property cash flows for typically one to two years of tax returns before they count it as income. 

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Closing costs typically range from 2 to 5 percent of the total loan amount, and they include fees for the appraisal, title insurance and origination and underwriting of the loan.”When it comes to closing costs, a trusted lender can guide you through specifics and answer any questions you may have.

However, if you intend to work with a hard money lender or utilize a short-term loan product, you're on the clock for repayment, which can be stressful if things go sideways. 

We have a few parks and we utilize both options.

Typically I see it on anything over 5 acres. 

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.