@Paul GarridoWhy not lower rent? 

You will hear about west side vs east side, while what is told is true, what is not mentioned is lower class areas are block by block. 

This could include lower wages, longer hours, lack of safety, etc.

You really don't need that LLC until you pay off the property and it's questionable if you need it then as long as you maintain your property and have correct insurance.Yes to wind insurance, not sure about hurricane.I use Foremost STR policy for one property.I am about to switch to USAA (retired Navy) for another because they quoted a policy that was 3k lower than what we have.

For instance a lender that requires a 15% down payment will have a lower rate, because for them there is less risk.

Can you do the lease renewal, but have lower rent for the first month and then increase it the second month (if that fits with 60 days' notice)? 

Once in service, expenses become deductible, reducing taxable rental income.This post does not create a CPA-Client relationship.

Negotiation LeverageThe long market time gives you leverage—consider making a lower offer with seller financing.Point out the high rehab costs to justify better terms.Offer flexibility (quick closing, interest on seller financing) to make it attractive to the seller.Final ThoughtsYour best bet might be to negotiate seller financing for acquisition and use a rehab loan or private lender for renovations.

Quote from @Micheal Smoke: Hi, my name is Mike Smoke, and I'm an aspiring real estate investor focusing on multifamily and Section 8 properties in the U.S. as the barrier to entry is much much lower in terms of price compared to Canada and Funding options. 

In my experience, the local banks are going to get you better rates and lower fees with their commercial loan products than the "DSCR lenders".