The high HOA fee is already a factor, so ensure you’re comfortable with the overall carrying costs.Focus on the Land Value: Since the lot has development potential, you’re looking at this as a long-term investment.

There is a not so inexpensive fee - anywhere from 5k to 100k depending on the program and they take a % of each deal. 

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).

I don't think he would allow someone that had to put the fee on a credit card.

I was delighted with their service and be happy to do a introduction for you to my contact manager (I am not associated with the company nor do I receive a referral fee).No business cards but line of credit yes.Revolving LOC? 

They're better at collecting rent and charging late fees than most owners ever are. 

I guess they think these investors are accredited so a fee structure is a good model.

Obviously they would expect fees.

What costs/fees should I look out for?

Because it is an investment property, you would pay all fees, including appraisal.