If you meet that requirement, I highly recommend it. 

The issue is our land value is high, so the structure value is low compared to the overall property cost. 

And therein lies the risk of high-leverage.  

Underwriting is highly overrated by new investors.

I think my fees are high until I shop around and then I am thankful. 

I am assuming here, but if it's been on the market so long, it's priced too high for it's condition. 

Much better as a short term acquisition strategy for flips IMO but always a high-risk strategy that should not be practiced by anyone who doesn't have the liquid capital to pay off the loan if needed.

high cash flowing short term rental How did you find this deal and how did you negotiate it?

Quote from @Brandon Croucier: Hi Kathy, at the end of the day the mortgage industry is so vast & wide it's essentially like trying to navigate the Sahara Desert.I highly recommend working with an experienced mortgage broker who knows the ins and outs of the industry to place you into the most competitive product for you.More times than not, people save money working with a small shop broker.Kathy,I wanted to revisit this to offer a a tad bit more and Brandon above is correct.

However, turnover is high, probably because privacy is hard to come by.