Hopefully a CPA here can comment. 

I'd also like to echo @John Underwood comments....if this your first rental investment it could be best to learn the ropes with LTR. 

Hey guys, My wife and I are under contract on a condo in Kihei that is vacation rental approved. It took a lot of research and contemplation before I was able to convince myself that paying a 30-40% premium for a cond...

All comments are encouraged and I appreciate everyone's time! 

Solid comment but also adding that 0.90x DSCR is not a hard minimum, a good amount (probably not a majority but not super rare) have "no ratio" DSCR loan programs with no min DSCR

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Exactly what i was looking for The other commentators have added a lot of good info and value - I would chime in though one thing to look at closely is the property type - is it a true "log cabin" or more of a single family residence with "Cabin style" finishings?  

All the other individuals who have commented on This Thread get that, and I love them for it!

I asked the question once on BP if anyone ever got saved by their LLC and the post had I think 60+ comments, but no real good textbook story to support the case for protection through entities.

Can you clarify your comment regarding waterfalls @Greg Scott ?