You can purchase with a 15% down DSCR loan, however you should factor in the higher rate and fees associated with the loan.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Surveys show that half of all vacationers are traveling with their pets.Whether or not you "allow" pets, your guests are bringing them anyway.

In California the DRE does not require you to join any association.

This is correct, but that .5% is IN ADDITION to all the other closing costs associated with a refinance (Title/Escrow Fees, prepaids, and depending on the bank, Underwriting / processor costs) - so in reality it can be a little more expensive to refinance with IRRRLs.

maybe a 4 way split easier to sell 25 acres for less money.. as long as survey cost dont run a ton.

@David KirklandThanks to Commutative, Associative and Distributive properties of mathematics (multiplication) ;-)In your Scenario B, do not forget to take the interest payed on the LoC into consideration.For an extra giggle, look at increasing your mortgage payment frequency from monthly to bi-weekly (26 payments per year) and apply half ($500) or the extra $1000.00/month principle pre-payment to each bi-weekly payment.

I mean, you might be better off taking the case on yourself.You can break a management agreement whenever you want, but there are fees associated with that.

It just needs to be rent ready as the appraiser will do a rent survey and that rent amount that the appraiser comes up will be used to structure the loan- more on that below. 

the comparison really should not be to an existing home because you are doing development and the associated work and effort.