You can also depreciate the rental portion over 27.5 years.

I have 5 section 8 tenants and each one is very blasé about paying their portion.

If you have good credit and the liquidity for your portion of the down payment plus fees, closing costs, and 9 months of payments in reserve - then you can get a DSCR no problem.

After Maverick said no to our request to help us with ~$6k, I also approached Jay Walsh after the buy-back to help us by returning portion of the money that was owed to us.

I would look for a bunch of Sub To Deals with 2-3% interest rates ...... then rent out for cash flow and huge equity build up when rates are really low (check out amortization schedules and compare 2-3% vs 6-7% with the same balance and length of time - check out the principal portion each month - the lower the rate the higher amount goes to principal PLUS better cash flow).

Promissory notes in general, as they have no collateral, seem a bit higher risk, perhaps mortgage note investing which are backed by residential and sometimes even commercial real estate would be a safer alternative, and yet very lucrative, too,  8-12% yieldsFor extra returns, I put a small portion of my portfolio into BDCs, Business development companies, that specialize in loaning money to growing businesses which are too high risk to get loans from proper banks.

It does later say in the agreement that it is:"binding upon persons who own, lease, sublease, or occupy any parcel or portion thereof"The inclusion of which seems to imply that long term renting and/or subleasing would NOT be commercial use.I'm trying to figure out if I'm taking a significant risk buying this property for use as an STR.

Give them a portion of the profits from the STRs and have a buy-out clause when you have the funds to refinance.I am sure there are many other potential options for you to look into, but just off the top of my head these 5 came to mind.

The contract says - RESIDENT agrees to keep the premises and all items in good order and good condition and to immediately pay for costs to repair and/or replace any portion of the above damaged by RESIDENT.3.

People have a hard enough time doing a BRRRR minus the air bnb portion and vice versa doing an air bnb minus the value add.