Do they have to go through eviction processes as well? 

We're in the process of getting our systems and team in place and really starting from scratch.

You can still build two separate homes on the same lot, offering investment flexibility.The streamlined approval process is a huge advantage, cutting out the red tape of lengthy public hearings.

I'm in the process of purchasing a STR and am intrigued by the 3-2-1 buy down. 1st year of the loan would be 4.5%, 2nd year 5.5%, 3rd year 6.5%, 4th year standard market rate.

They’ve just been telling me it’s been processing with Underwriting for three months now.

I’d reach out to your attorney asap to get the process started.

Not only is it a costly and hasselsome process to establish such, but at end it's an association of 4. 

I like your suggestion of targeting a property with existing tenants and minimal work needed so I can ease into the process while building my network of contractors. 

In the long run, I want to have properties that are producing strong cash flow (eventually would love to own small apartment buildings and syndicate larger deals), but it seems that focusing on cash flow and reinvesting those cash flows will be a slower process than focusing on properties prime for appreciation or with opportunities for forced appreciation.

Small-Scale Testing:If you're uncertain about diving into a larger project, you might want to test them with a smaller loan to see how they handle the process.