It is DSCR based and no personal tax returns are required to qualify.

People claim that 1031 investors over pay all the time just to avoid taxes.  

Thats $7700 a year NOT including my accountant/Tax prep. 

It's called a payoff statementif it's a big lender you will not buy the loan as it will take forever, you are better just paying it off. you then can foreclose based on the total balance owed to you which is both loans and any accrued interest. regarding fixing property or selling as is, that really depends and needs to be evaluated on a case by case basis 

Hi Jon from Boyertown, PA-You and your fiancé are interested in buying your first short-term rental and wonder profitable areas to purchase with a budget up to $500,000.I would look at places along the west coast of Michigan, Grand Rapids, Kalamazoo, and near Ann Arbor, MI.It is important to understand the local STR regulations in each community and partner with a property management company that can help your navigate that and manage it well for an excellent guest experience.Don't forget to look into bonus depreciation and doing a cost segregation study to increase the tax benefits of ownership and if you "materially participate" in the management of the property per IRS guidelines it can offset active W-2 income which most real estate cannot.To Your Success!

It's almost like they tack on a few hundred dollars to the order and forget to charge sales tax

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

I've been using the GE  GFW148SSMWW // GFT14ESSMWW models which comes to $1,650+ tax for units and stacking kit.