Ideally, you could negotiate with the seller to carry a first-position note instead of second, or even offer them a higher price to make this work.

5 years will give you the most favorable rate, but you should be able to take a lower prepay for a higher rate.

I see higher, and if you pay lower they are making up for it somewhere else (hard to run a low margin business). 

And lower income means food eats up a higher percentage of income, so rent has to be a lower lower piece.But even beyond that, when you are in very low income areas, even trying to push a $20 rent bump is disproportionately high and will cause a tenant to move. 

Additionally, consider exploring hard money lenders, as they often offer flexible options for tapping into land equity, although they come with higher interest rates and shorter terms.Another option is reaching out to land-specific lenders or specialty loan providers who may offer land equity loans.

Same with the 50-100% of one month of rent for Placement.NOTE: STR doesn't charge for Placement - hence the 30% figure.Recommend tying the MTR fee to the length of the stay - the shorter it is, the higher percentage you may want to charge.

@Sherwin Bahai the policy cost will be higher when it is a vacant policy with a builders risk policy as compared to a traditional homeowners policy.

A bigger house will be higher, but that is a great starting point.

Or we'll have had a correction, and prices will fall, but probably from something higher than where they are today and will stabilize somewhere around today's prices.  

Nick, You're probably looking for a Non-QM bank statement loan; the interest is slightly higher but will get you into the house.