Long term rentals typically require much less work than a fix and flip.

@Yents Ybrimovic If the 203k loan only requires 3.5% down and you can finance all the repairs in the loan - then what exactly is your friend contributing?

This is due to longer notice requirements primarily.Collecting from the housing authority is great. 

If we buy in 25 we could rent it out to others first bc theya re required to stay in a dorm the first year.

But it's not strictly required.3.

If your land can sustain a data center (power requirements are huge) then the land would sell for a pretty penny.

They require tax returns, voter registration, car registration, driver license, and utility bills in the app to prove it's your primary.

You could go either route but don't mix the two in concept as one is a mule and the other is a horse.And, the requirement that properties be listed for sale by a bank is a bank regulatory issue having nothing to do with the NAR, it ensures that the property is held for sale in a public market at its assumed fair market value.

Yes - you should be able to find some good DSCR Loan Options with 20% down easily - 15% down potentially available but the rates/requirements are pretty high on that front right now

First I would call the town and ask for the STR requirements.