This may change over the next few years as the new campus and main drag become more established. 

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

I have a rental agent in charge already established and started the rental registration, but am I really needing to wait up to 2 months to get a tenant in there?

This exercise will help you establish which of the two properties best aligns with your long term goals.

Most of the time, you can purchase a property with tenants already in place, but the leases often need to expire within a certain timeframe—usually around three months—so you can establish owner occupancy.

For instance, the latest regulation in my state starts: "830 CMR 64G.1.1 repeals and replaces the regulation formerly titled as "Establishments Subject to the Room Occupancy Excise" and reflects the statutory changes enacted by St. 2018, c. 337 and St. 2019, c. 5."

With the right agent, you'll learn how to run the numbers and establish a network of lenders, investors, other agents, contractors... 

I am speaking to you from experience 20 properties later, yes it is ok sometimes to overpay but once you are established and have a decent sized portfolio which could balance out any potential pitfalls.

You can - 1) establish a trust for asset protection, 2) utilize the Homestead Exemption for property protection, 3) consider tenancy by the entirety for marital property (this might just be applicable to California, my home state)4) make sure you have adequate liability insurance for additional protection, 5) think about forming a business entity to shield assets, 6) and have proper estate planning for asset distribution.Seek tax and legal advice from experts in your state.

And therefore competition among tenants can create significant challenges, like...Businesses may struggle to establish a unique presence and loyal customer base, and a lack of profitability due to nearby competition will likely lead to higher tenant turnover.