First thing I'd do is check comps to get an idea of the demand and rates you can charge for your condo as a MTR.

Credit score and loan size can also affect what rate you may find. 

Yes, that means he will have to give up his 3.5% rate (or whatever it is assuming lower then today rates) but it is what it is. 

As Vince said it is a quick guideline and won't work in most places with current interest rates and house prices. 

Frequent hail storms pushing insurance rates up in that market. 

I've seen many investors get burned because they failed to understand their hard money loan terms/rates, even if they did acquire what should have been a home run deal. 

I've also held of holding properties in individual LLCs that are owned by one S corporation, which allows for a 60 / 40 split between ordinary income (regular tax) and dividends (capital gains tax rate).With the goal of minimizing taxation and liability protection, what would be the recommendation from more experienced people here?

Jung,Welcome to the BP forum its a great time to start as mortgage rates fall and home prices still priced well in many states.

It's objectively rated as a great place to live, but obviously you need to be ok with Winter.

Normal mortgage rates are in the high 6's now, for a personal residence, and higher for an investment property.