Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

I'm based in WI and there are several people from NY investing here, some successful and some not---the common thread I see from the ones that are not is that they relied on someone else for information instead of investigating, VERIFYING and doing their own due diligence. 

What made you interested in investing in this type of deal?

@Derek States Have they mentioned what type of development they'd like to see on your site?

LTV would be determined by the type of loan.

Purchase price: $350,000 Cash invested: $10,000 House hacking my first home by converting the master bed into an independent studio that we rent on Airbnb What made you interested in investing in this type of deal?

You are correct, it is common for DSCR lenders to require the borrower to be a business entity in Florida, and some other states sprinkled across the US.

California is the only state that has essentially put a rent control type of restriction on home owner insurance premiums.

What made you interested in investing in this type of deal?

Upon further review, there is 1 active Type 2 STR permit on this blockface prior to your STR application submittal, but a system glitch did not capture it on the OneStopMap.