Came across this old thread and wondered what you ended up doing?

It's eating away every bit of cash flow from the property and then some.Both units currently have baseboard heating - which I've heard can be on the more expensive side of heating options - but I'm not sure if this amount is realistic for the area, or if there is a better heating option that I should look into for a reasonable cost.

There are a few options.1.

The best option would likely be a construction loan, which can cover both the purchase of the land and the build.

That said, we have traveled a lot and stayed in wonderful Airbnbs over the years and have always dreamed of creating an incredible experience for someone visiting Minnesota with a short-term rental as well, so we are definitely open to that idea and have some great experience as to what we know would provide an exceptional short-term rental experience. 

These are all good options.

Can I find 15% down payment options do you think? 

Option 1.

My lender is suggesting me to buy property under my name and then transfer it to LLC later as there are not many financing options available for LLC.

I don’t see where a rental would make sense, so I’m trying to look at other options to cover the monthly payments until the market goes back up.