@Errol Sadler Check out the cost to do this in the Florida market.

This deal would be $275,000 with the owner holding 80% of the loan for 5 years.  

They usually tally it up at the end of the year.

The definition of each class is heavily weighed on the income level that tenants earn in those areas.

Its hard to find a perfect spot anywhere in this country. as long as folks move to where the jobs are or where tax treatment is better I think they kind of over look the adverse weather.

The RE agent stated some properties on the river in the past did not get their lease extended to provide better river access.  

The insurance would not be valid for two reasons:1) the insured “individual” is no longer the owner2) the insurance was for an owner occupant, not a rentalMost people DO change the insurance to reflect the llc as owner and as a rental.

But strictly going by the numbers, it's borderline OK, depending on the type of market.

I have a good agent I've worked with for years and letting him represent me not only gives me the advantage of additional counsel, it also gives me someone else to do the heavy lifting so I can concentrate on the deals themselves rather than the intricacies of the actual contract, the process of moving everything through closing and all the hiccups that often come with investment properties.

And having done this for a long time, it is the rare renter that cares about the land.