I like long-term rental or Section 8, you get great loans, steady cash flow, and with the right tenant not a ton of work!

This makes the initial loan amount look more attractive.

The Natives travel b4 Memorial and after Labor Day and spend our summers upta camp!

The scenario you described is akin to playing the role of a lender and paying yourself the loan percentage—investors pay themselves much like how a bank or private hard money lending institution would handle it. 

We cant seem to get a conventional loan on just one income. 

Quote from @Jesse Turner: Feel free to DM me about the AirDNA questions :) I'm looking for a community bank or portfolio lender who can offer a vacation home loan with a 10% down payment.

I am 99% confident that the loan was not fully paid off. 

Has anyone closed these new 40 year DSCR cash out loans I see advertised as fixed rate options? 

Also is he referring to consumer debt (credit cards, payday loans etc..).

You will need to refinance with a commercial loan, usually with higher points and more down if you don't have enough equity.The main reason to use a LLC is to protect the asset from lawsuits.